Factors of production
Unlimited wants
Division of labour
Departmentation
Which of the following is a good or service which people would like to have, but which is not essential for living?
Need
Want
Demand
The economic problem results from:
Unlimited wants and unlimited resources
Unlimited wants and limited resources
Limited wants and unlimited resources
Limited wants and limited resources
The difference between the selling price of a product or service and the cost of bought in materials and components.
Value added
Growth
Survival
Cost of production
Two
Three
Four
Five
Land
Labour
Capital
Enterprise
Marginal cost
Opportunity cost
Fixed cost
Alternative cost
The most common objectives are:
To make a profit
Limited liability
Both 1 and 2
