Podcast
Questions and Answers
What is the difference between needs and wants in business activity?
What is the difference between needs and wants in business activity?
Needs are essential for survival, wants are desired but not essential.
Define scarcity in the context of economics.
Define scarcity in the context of economics.
Scarcity is the lack of sufficient products to fulfill the total wants of the population.
List the factors of production.
List the factors of production.
Land, Labour, Capital, Enterprise.
What does opportunity cost refer to?
What does opportunity cost refer to?
Explain the importance of specialization in business.
Explain the importance of specialization in business.
What does the term 'division of labor' mean in the context of production?
What does the term 'division of labor' mean in the context of production?
What is the main advantage of workers specializing in one task?
What is the main advantage of workers specializing in one task?
What is the main disadvantage of repetitive tasks for employees?
What is the main disadvantage of repetitive tasks for employees?
What is the formula for calculating added value?
What is the formula for calculating added value?
How can a business increase its added value?
How can a business increase its added value?
What are the three sectors in which businesses can be classified?
What are the three sectors in which businesses can be classified?
What is de-industrialization?
What is de-industrialization?
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