Business studies

Welcome to BS online course.

Introduction to business

A need

A good or service essential for living.

What is a need?

A good or service essential for living.

A want

A want is a a good or service that people would like to have, but which is not essential for living.

What is a want?

A good or service that people , but which is not essential for living.

Economic problem

The Economic problem is when we have unlimited wants but limited resources — this creates scarcity.

Which definition defines better the economic problem?

  • Unlimited wants but limited resources — this creates scarcity.
  • Lack of sufficient products to satisfy total wants of population.
  • People and businesses concentrate on what they are best at.

State two needs for a customer

Which definition defines better the economic problem?

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