Chapter 2
Types of business activity

In this chapter you should be able to:
  • Explain the difference between consumers' wants and needs
  • Understand what is meant by scarce resources
  • Understand and apply the principal of opportunity costs in different situations
  • Explain the importnace of specialisation in production
  • Understand the concept of value added
  • Understand the purpose of business activity and the importance of the different groups involved in it.

Video - Types of business activity

Video - The ascent of money