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IGCSE Business Studies Exam Study Guide with Complete Solutions 2025/2026

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IGCSE Business Studies Exam Study Guide with Complete Solutions 2025/2026 Needs - Correct Answer We cannot live without these. Wants - Correct Answer They benefit us but are not necessary to live. Scarcity - Correct Answer Lack of sufficient resources. Needs (example) - Correct Answer Water, food, housing. Wants (example) - Correct Answer Soft drinks, chocolate, furniture. Opportunity Cost - Correct Answer The next best alternative. Factors of Production - Correct Answer Resources needed to produce goods and services. Factors of Production (List) - Correct Answer Land. Labour. Capital. Enterprise. Land - Correct Answer All natural resources. Land Resources (examples) - Correct Answer Coal, oil, gas. Labour - Correct Answer Man-power used in a copmany

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