Understanding Business Activity.

Definitions you need to know under the topic business Activity.

HideShow resource information
  • Created by: Lukusashi
  • Created on: 05-05-14 15:07
A need?
A need or a good or service essential for living.
1 of 7
A want?
A want is a good or service which people would like to have, but which is not essential for living. Peoples wants are unlimited.
2 of 7
The economic problem
There exist unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity.
3 of 7
Factors of production
These are resources needed to produce goods or services. there are four factors of production and they are in limited supply
4 of 7
The factors of production
Land, Labour, Capitol and Enterprise
5 of 7
Scarcity
Scarcity is the lack of sufficient products to fulfil the total wants of the population.
6 of 7
Opportunity cost
This is the next best alternative given up by choosing another item.
7 of 7

Other cards in this set

Card 2

Front

A want is a good or service which people would like to have, but which is not essential for living. Peoples wants are unlimited.

Back

A want?

Card 3

Front

There exist unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity.

Back

Preview of the back of card 3

Card 4

Front

These are resources needed to produce goods or services. there are four factors of production and they are in limited supply

Back

Preview of the back of card 4

Card 5

Front

Land, Labour, Capitol and Enterprise

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Business Activity resources »