understanding business

?
an essential
need
1 of 6
a luxury
want
2 of 6
Is the difference between the selling price of a product and the cost of bought in materials and components.
added value
3 of 6
Is the best alternative given up by choosing another item.
opportunity cost
4 of 6
This occurs when people and businesses concentrate on what they are best at.
specialisation
5 of 6
a financial gain,
profit
6 of 6

Other cards in this set

Card 2

Front

a luxury

Back

want

Card 3

Front

Is the difference between the selling price of a product and the cost of bought in materials and components.

Back

Preview of the front of card 3

Card 4

Front

Is the best alternative given up by choosing another item.

Back

Preview of the front of card 4

Card 5

Front

This occurs when people and businesses concentrate on what they are best at.

Back

Preview of the front of card 5
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