IGCSE Business Studies - Topics 1 to 3

A need is a good or service ___ for living.

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

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

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

___ is the next best item given up by choosing another.

___ are the resources needed to produce goods and services.

___ is when people and businesses concentrate on what they are best at.

___ is when production is split into separate tasks and each worker specialises in one task.

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

Primary sector is when businesses ___ and use natural resources to produce raw materials.