Chapter 1 Business Activity

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A resource needed
needs added value economic problem Limited Resources Specialisation to make a finished
product

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goods or services

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resources needed which people would
factors of
wants opportunity cost to produce goods or Enterprise like to have but
production
services which are not
essential for living
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the fact that there are the difference between

the next best

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unlimited wants but the selling price of a Occurs when people
goods or services limited resources to product or service and alternative given up and businesses
scarcity
essential for living produce the goods the cost of inputs such by choosing concentrate on what
and services to satisfy as materials and another item they are doing
those wants. components
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the ability to the lack of sufficient when the production

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process is split up into
organise the factors products to fulfil Resources that are
division of labour Labour different tasks and
of production the total wants of each worker performs
not infinite
efficiently the population one of these tasks

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