Define the following terms as used in Business Studies. (4 mks)(i) Economics
It refers to the study of how human beings strive to satisfy their unlimited wants using the limited / scarce resources.
(ii) Entrepreneurship
It refers to the process of identifying business opportunity and acquiring necessary resources to maximize the profit.
(iii) Opportunity cost
This is the value of the best next alternative forgone when acquiring or when a choice has been made.
(iv) Scale of preference
It is a list of wants showing the order in which they are satisfied from the most urgent to the least urgent.
0 Comments
Below is a demand and supply curve  Highlight the factors that may have led to the above behavior. (4 mks)
|
Business Studies Notes Form 1 - 4
Categories
All
Archives
November 2022
AuthorAtika School Team |
||
RSS Feed