what is the term for want?
a good or service which people would like to have out which is not essential for ligin people want are unlimited luxrey
what is the term for needs?
a good or service of essential of living
what is the term of economic problems?
there exist unlimited wants but limited resources to produce the goods and services to satisfy those wants this create scarcity.
what is the term of opportunity cost?
is the best alternative given up by choosing another item.
what is the key term specialisation?
specialisation occurs when people and businesses concentrate on what they are best at.
Specialisation machinery and technology are now widely available.