1.How to Define Economic Problem, need, want, scarcity, Opportunity Cost, Specialization & Division of Labor, Business Activity & Added Value?
In this post, I am going to teach you the topic of IGCSE/O Level Business Activity and will understand that what is the difference between need & want?
How difference of unlimited wants and scarce resources create imbalance that causes economic problem? How to define economic problem.
How can we define scarcity & opportunity cost?
What is specialization & division of labor & finally business activity & added value?
