What are the factors of production?

Needs are goods or services essential for living while Wants are goods or services which people would like to have, but which is not essential for living.

What is the term that describes the shortage of good and services in a country due to the limited availability of Factors of Production (resource of productions) ?

This term is used to cover all of the natural resources provided by nature and includes fields and forests, oil, gas, metals and other mineral resources.

This is the efforts of people needed to make products.

This is the finance, machinery and equipment needed for the manufacture of goods.

This is the skill and risk-taking ability of the person who brings the other resources together to produce a good or service.

In making choices and decision, we need to consider what we are giving up, to make sure it is not worth more to us than the option we are choosing.

Opportunity Cost is the term that defines the lost opportunity resulting from the choice of something else.

Business Objective is an aim or target that the business needs to achieve.

The groups of people that are involved in business activity either they are directly involved or affected due to the actions made by the business are called _______.

These groups of people are the stakeholders:

• Owners

• Employees

• Managers

• Clients

• Government

• The Community

Workers who are hired to work in the business are called ______ .

Businesses need to find out what products consumers are prepared to buy and this is called ________.

What does the government do as a stakeholder that will affect the business activities?