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Cambridge IGCSE Business Studies Exam Questions with 100% Correct Answers

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Cambridge IGCSE Business Studies Exam Questions with 100% Correct Answers A Need - A good or service essential for living. A want - A good or service that people would like to have, but which is not essential for living. Economic problem - Unlimited wants but limited resources - this creates scarcity. Scarcity - Lack of sufficient products to satisfy total wants of population. Opportunity Costs - The next best item given up by choosing another. Factors of production - Resources needed to produce goods and services - land, labour, capital and enterprise Business - An organisation that combines factors of production to make goods and services to satisfy people's wants and needs. Specialisation - People and business concentrate on what they are best at.

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