IGCSE Business Studies - Topics 1 to 3

A need is a good or service (a)   for living.

A want is a good or service that people (a)   but which is not essential to living.

Economic problem is when people have ___ wants but ___ resources -- this creates ___.

(a)  

(a)   is when there is a lack of sufficient products to satisfy total wants of population.

(a)   is the next best item given up by choosing another.

(a)   are the resources needed to produce goods and services.

(a)   is when people and businesses concentrate on what they are best at.

(a)   is when production is split into separate tasks and each worker specialises in one task.

(a)   is the difference between a product's selling price and the cost of bought in materials.

Primary sector is when businesses (a)   and use natural resources to produce raw materials.