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Cambridge IGCSE Business Studies
Cambridge IGCSE Business Studies A Need - CORRECT ANSWER-A good or service essential for living. A want - CORRECT ANSWER-A good or service that people would like to have, but which is not essential for living. Economic problem - CORRECT ANSWER-Unlimited wants but limited resources - this creates scarcity. Scarcity - CORRECT ANSWER-Lack of sufficient products to satisfy total wants of population. Opportunity Costs - CORRECT ANSWER-The next best item given up by choosing another. ...
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Cambridge IGCSE Business Studies A Need - CORRECT ANSWER-A good or service essential for living. A want - CORRECT ANSWER-A good or service that people would like to have, but which is not essential for living. Economic problem - CORRECT ANSWER-Unlimited wants but limited resources - this creates scarcity. Scarcity - CORRECT ANSWER-Lack of sufficient products to satisfy total wants of population. Opportunity Costs - CORRECT ANSWER-The next best item given up by choosing another. ...