unit 1 0.0 / 5 ? Business Studiesneeds and wantIGCSEOCR Created by: shannon0921Created on: 29-04-16 09:25 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 1 of 5 what is the term for needs? a good or service of essential of living 2 of 5 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. 3 of 5 what is the term of opportunity cost? is the best alternative given up by choosing another item. 4 of 5 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. 5 of 5
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