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.
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November 2022
AuthorAtika School Team |