Business activity IGCSE Business Online Test

All the shops you see, whether local or big co-operations will often contribute to economy, it will help it growth, create jobs for the locals, and help in development of society.

loss of other alternatives when one alternative is chosen is called?

Needs are things that we need to survive, the very basic things in life without which we can live.

Specialisation – is where a business or an individual is Not really good at a service, production of product or skill. The best of best in the field.

All businesses are there to make profits

Services are things we can not touch and are not there physically (intangible); however they still serve us and has a purpose

Wants: are things that we need to survive

Wants can be unlimited

Car insurance, Social media and this website is examples of

Adding value is enhancement or adding extra features to a product then offering it to customers.

Your friend is asking you to go cinema with them to watch the latest movie but you have an example coming up this week.

You choose to decline his offer and stay at home and study for the exam so you can get good grades.

The opportunity cost to you is that you missed out on the latest movie

This the above an example of opportunity cost?

Land, Capital, Labour and Enterprise are factors of production

Scarcity is when there is not enough goods and services to meet the needs of everyone.

Goods are things we can physically Not touch and see

Purpose of the businesses you see out there is to meet our demand! wants and needs