Define the following terms as used in Business Studies

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.