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Chapter 1 Assignment

The document outlines a homework assignment focused on economics, including distinguishing between human needs and wants, explaining the factors of production, and discussing opportunity costs. It also addresses challenges faced by businesses, benefits to society from business activities, and ways retailers can add value. Additionally, it mentions the four business sectors of the economy and benefits for entrepreneurs starting a business.

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rshrachana
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14 views1 page

Chapter 1 Assignment

The document outlines a homework assignment focused on economics, including distinguishing between human needs and wants, explaining the factors of production, and discussing opportunity costs. It also addresses challenges faced by businesses, benefits to society from business activities, and ways retailers can add value. Additionally, it mentions the four business sectors of the economy and benefits for entrepreneurs starting a business.

Uploaded by

rshrachana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Past Paper Homework Question

 From the following list, decide which items are human needs and which are wants:
Luxury House, Shelter, Coca-Cola, Car, Clean Water, Designer Jeans, Clothing [3]
 Explain, List the 4 factors of production and explain briefly and explain briefly why
each is necessary for production to take place [8]
 With the aid of an example, explain what the term opportunity cost means to a
consumer [3]
 Give 2 other examples of opportunity cost that would affect groups other than
consumers [2]
 Explain 2 challenges a business enterprise may face. [4]
 State 3 benefits to society of business activity [3]
 What is meant by added value [2]
 Explain 2 ways in which a retailer of clothes could add value to their products. (Hint:
the answer is not to buy more expensive clothes for the shop as this will not
necessarily add value.) [6]
 What are the four business sectors of the economy?
 State 2 Benefits to an entrepreneur of starting a business. [2]

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