Business Studies 7

It is the process of producing goods and services to satisfy consumer demand.

• Opportunity Cost

• Needs

• Wants

• Business Activity

It is a good or services to satisfy consumer demand.

• Need

• Want

• Business

• Business Activity

It is a good or service which people would like, but is not essential for living.

• Need

• Want

• Business

• Business Activity

the resources needed to produce goods and services

• Economic problem

• Production

• Factors of Production

• Opportunity Cost

It is the benefit that could have been gained from an alternative use of the same resource.

• Business Activity

• Opportunity Cost

• Scarcity

• Economic Problem

Identify the Factors of Production.

• Land, Labor, Capital, Enterprise

• Land, Enterprise, Cash, Building

• Labor, Cash, Enterprise, Capital

• Cash, Land, Labor, Enterprise

Make a list of your ten most important "wants".