Define the following terms as used in Business Studies. (4 mks)
It refers to the study of how human beings strive to satisfy their unlimited wants using the limited / scarce resources.
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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Business Studies Notes Form 1 - 4
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