1.1 Business Activity PT 1 - 5 Minute Lessons

Need: A good or service essential for living
Want: A good or service not essential for living
Factors of Production: Land, Labour, Capital, Enterprise, needed to create all goods and services - are limited
Scarcity: Lack of items to satisfy peoples needs and wants
Opportunity Cost: The next best alternative forgone
Specialisation: When people/ businesses/ countries concentrate on producing what they are best at

[@halimateaches]

Loving this idea of 5 minute lessons! 🙌

[@mohsin_teacher]

Thank you! Yes thought I would create 5min videos as it allows students to watch a good few a day.