Business

• What is a need?


  is a good or service essential for living
• A want

  is a good or service which people would like to have but which is not essential for living. People's wants are unlimited.
• Economic Problem


  There exist unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity.
• Factors of production 


  are those resources needed to produce goods and services. There are four factors of production, and they are in limited supply.
• Scarcity


  is the lack of sufficient products to fulfil the total wants of the population.
• Opportunity cost

  is the next best alternative given up by choosing another item