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  • Chapter 1 Slides

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    shahanablue
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    Business activity involves using factors of production like land, labor, capital and enterprise to convert inputs into outputs and add value. Factors of production are scarce so businesses must consider opportunity costs and specialize in certain activities. The purpose of business activity is to meet customer needs and wants by adding value through production and exchange.

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    IGCSE BUSINESS STUDIES SLIDE FOR CHAPTER 1

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    Chapter 1 slides

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    Business activity involves using factors of production like land, labor, capital and enterprise to convert inputs into outputs and add value. Factors of production are scarce so businesses must consider opportunity costs and specialize in certain activities. The purpose of business activity is to meet customer needs and wants by adding value through production and exchange.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    9 views14 pages

    Chapter 1 Slides

    Uploaded by

    shahanablue
    Business activity involves using factors of production like land, labor, capital and enterprise to convert inputs into outputs and add value. Factors of production are scarce so businesses must consider opportunity costs and specialize in certain activities. The purpose of business activity is to meet customer needs and wants by adding value through production and exchange.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 14

    Chapter 1

    Business Activity
    Business Activity
    Needs vs Wants
    Factors of production
    Land
    all natural resources are provided by the nature
    Labour
    Capital
    Enterprise
    scarcity
    Opportunity cost
    specialization
    Purpose of business activity
    Adding value

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