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IGCSE Business Studies Key Terms 1 Flashcards | StudBud
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IGCSE Business Studies Key Terms 1
IGCSE Business Studies Key Terms 1
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Test for the Cambridge IGCSE business studies key terms chapter 1
Flashcards
8 cards
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Practice quiz
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Questions
8
Answers
1
a good or service which is essential to living
Need
Want
Would like
2
the resources needed to produce goods and services - land, labour, capital and enterprise
Factors of production
Factors of organisation
Factors of business
3
the benefit that could have been gained from an alternative use of the same resource
Alternative cost
Business cost
Opportunity cost
4
unlimited wants cannot be met because there are limited factors of production
Economic problem
Business problem
Financial problem
5
the process of producing goods and services to satisfy consumer demand
Business purpose
Business activity
Business objective
6
a good or service which people would like but is not essential to living
Need
Want
Nice to have
7
there are not enough goods and services to meet the wants of the population
Scarcity
Unlimited
Limited
8
people and businesses concentrate on what they are best at
Specialism
Delegation
Specialisation
