What is business? Flashcards
1
Q
What is a business?
A
An organisation that works to fulfill a common purpose e.g provide a service/good.
2
Q
What is a need?
A
Something you require because it is essential for living e.g. food
3
Q
What is a want?
A
Something you desire and wish to have e.g. nice car
4
Q
What is scarcity?
A
The state of being in short supply
5
Q
What is an opportunity cost?
A
The loss of other alternatives when another alternative is chosen
