- explain the difference between consumers' wants and needs
- understand what is meant by scarce resources
- understand and apply the principle of opportunity cost in different situations
- explain the importance of specialization in production
- understand the concept of value added
- understand the purpose of business activity and the importance of the different groups involved in it
UNIT 1 Business Activity
20:56
Mindmap
The learning outcomes of this unit are that you are able to: