Business Activity

An item that is necessary for life

• Need

• Well being

• Want

• Value

What is an example of wants?

• Food

• Cell Phone

• Shelter

• Water

Definition of specialisation

Draw a man-made resource used to make other goods and services.

Which of the following basic needs do you feel you struggle with the most?

• Food

• Healthcare

• Safety

• Housing

What do you think are the main goals of business activities?

State two factors of production for market trader.

Added value is the _______ between selling price of a product and the cost of raw materials to make it.

Business A is a retailer. Next to the shop the business owns a large plot of land.

The business can either use the space to extend the shop or turn it into a customer park. It decides to extend the shop. What is the opportunity cost?

Opportunity Cost is the __________ which arises while making a choice.