understanding business 0.0 / 5 ? Business Studiesunit 1IGCSEOCR Created by: chloe_norrisCreated on: 29-04-16 09:40 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
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