Business Activity 4.0 / 5 based on 2 ratings ? Business StudiesBusiness ActivityIGCSEAll boards Created by: ReviseeCreated on: 29-04-16 09:26 A Need A good or service essential for living. 1 of 6 A Want A good or service people would like to have, but is not essential. 2 of 6 The Economic Problem Limited resources in a world of infinite wants 3 of 6 Opportunity Cost The best alternative to the good or service chosen. 4 of 6 Specialisation Occurs when people and businesses concentrate on what they are best at 5 of 6 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. 6 of 6
Chapter 10: Government influences on business economic policy and regional policy 5.0 / 5 based on 1 rating
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