IGCSE Business Studies: Key Terms Ch 1.1

IGCSE Business Studies: Key Terms Ch 1.1

Assessment

Flashcard

Business

11th Grade

Practice Problem

Hard

Created by

Khadija Abid

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

Business Activity

Back

Production of goods/services to satisfy needs

2.

FLASHCARD QUESTION

Front

Needs

Back

Essential for survival

3.

FLASHCARD QUESTION

Front

Wants

Back

Desires, not essential

4.

FLASHCARD QUESTION

Front

Scarcity

Back

Limited resources, unlimited wants

5.

FLASHCARD QUESTION

Front

Opportunity Cost

Back

Next best alternative foregone

6.

FLASHCARD QUESTION

Front

Factors of Production

Back

Land, labor, capital, enterprise

7.

FLASHCARD QUESTION

Front

Specialization

Back

Focus on specific tasks

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