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Business study 2024 final exam Question with complete Answers
- Exam (elaborations) • 15 pages • 2024
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Business study 2024 final exam Question with complete Answers Needs We cannot live without these. Wants They benefit us but are not necessary to live. Scarcity Lack of sufficient resources. Needs (example) Water, food, housing. Wants (example) Soft drinks, chocolate, furniture. Opportunity Cost The next best alternative. Factors of Production Resources needed to produce goods and services. Factors of Production (List) Land. Labour. Capital. Enterprise. Land All natural res...
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