Business Studies (AS)·The nature & purpose of business activity · NSSCAS 1.1
The nature & purpose of business activity
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Why does any business exist at all? In this lesson you will learn that a business combines the factors of production to add value and satisfy needs and wants. You will meet the scarcity problem, learn to work out opportunity cost and value added with N$ figures, and evaluate whether specialisation truly helps workers and the business. These are the foundation ideas the AS examiner builds every later question on.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Business Studies (AS) 1.1):
- explain the purpose of business activity
- explain the scarcity problem and opportunity cost
- describe the relationship between the scarcity problem and opportunity cost
- evaluate the impact of specialisation on workers and the business
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