IGCSE Business - Section 1 Key Terms
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
What is a ‘need’?
Back
A good or service essential for living.
2.
FLASHCARD QUESTION
Front
What does ‘want’ mean in business?
Back
A good or service people would like to have
3.
FLASHCARD QUESTION
Front
Which of these best defines ‘scarcity’?
Back
Lack of sufficient products to satisfy wants
4.
FLASHCARD QUESTION
Front
‘Opportunity cost’ refers to:
Back
The next best alternative given up
5.
FLASHCARD QUESTION
Front
Specialisation means:
Back
Concentrating on what one does best
6.
FLASHCARD QUESTION
Front
Which of these best describes the ‘economic problem’? Options: There are more jobs than workers, There is not enough money in the economy, Unlimited wants but limited resources, Everyone wants to work
Back
Unlimited wants but limited resources
7.
FLASHCARD QUESTION
Front
What are the four resources used to produce goods called?
Back
Factors of production
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