Business Activity

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  • Created by: Revisee
  • Created on: 29-04-16 09:26
A Need
A good or service essential for living.
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A Want
A good or service people would like to have, but is not essential.
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The Economic Problem
Limited resources in a world of infinite wants
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Opportunity Cost
The best alternative to the good or service chosen.
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Specialisation
Occurs when people and businesses concentrate on what they are best at
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Division of Labour
When the production process is split into different tasks and ea worker performs one of these tasks. This is a form of specialsation.
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Other cards in this set

Card 2

Front

A good or service people would like to have, but is not essential.

Back

A Want

Card 3

Front

Limited resources in a world of infinite wants

Back

Preview of the back of card 3

Card 4

Front

The best alternative to the good or service chosen.

Back

Preview of the back of card 4

Card 5

Front

Occurs when people and businesses concentrate on what they are best at

Back

Preview of the back of card 5
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