Business activity and classification of businesses 0.0 / 5 ? Business StudiesUnit 1: chapters 1 and 2IGCSECIE Created by: Sithara12Created on: 11-03-19 13:30 A good or service essential for living Need 1 of 12 A good or service that people would like to have but is not essential for living Want 2 of 12 The resources needed to produce goods or services. There are four which are in limited supply Factors of production 3 of 12 Lack of sufficient products to fulfill the wants of the population Scarcity 4 of 12 The next best alternative given up by choosing something else Opportunity cost 5 of 12 When people and businesses concentrate on what the pub are best at. Specialisation 6 of 12 The difference between the selling price and the cost Added value 7 of 12 The industry that extracts the natural resources to produce raw material so for other business Primary sector 8 of 12 The industry that uses the raw materials to manufacture goods. Secondary sector 9 of 12 Industry that provides services to consumers and other sectors Tertiary sector 10 of 12 This has both a private and a public sector Mixed economy 11 of 12 The money invested in the business by its owners Capital 12 of 12
Chapter 10: Government influences on business economic policy and regional policy 5.0 / 5 based on 1 rating
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