Business activity 0.0 / 5 ? Business Studies-IGCSEAll boards Created by: victoire2004Created on: 19-06-18 14:23 List the factors of production capital, labour, land and enterprise 1 of 6 What is specialization? specialization - individuals and business organisations focus on what they are best at. 2 of 6 What is the difference between a 'need' and a 'want'? need- goods/services that are required (e.g.-food); want- goods/services that we don't need but we desire 3 of 6 What is 'opportunity cost'? choosing the best next alternative (loss of other alternative) 4 of 6 What is an advantage of labour specialization? (division of labour) employees can make use of their skill 5 of 6 What is the use of added value? higher profit and to make the product more desirable 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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