Category: Business Studies

O level Business Studies: Factor of Production: Labor Labor is the number of people are available to facilitate business activity.

O level Business Studies: Factor of Production: Land Land includes all the natural resources which are within in the land and the space which the land is covering.

O level Business Studies: Factors of production Land Labor Capital Enterprise  

O level Business Studies: Opportunity cost Opportunity cost is the next best alternate forgone. For instance, Jamie has $10 and he can either buy a pen worth $7 or a pencil worth $6. If Jamie decides to buy pen the opportunity cost of buying the pen is pencil. Opportunity cost is basically the thing you…

O level Business Studies: Scarcity Scarcity is a situation where it is impossible to fulfill the demands if everyone with the limited resources available.

O level Business Studies: Economic Problem Economic problem results when there are unlimited wants and limited wants.  Economic problem leads to scarcity. Every single country in this world is facing this problem because no matter how rich the country is the demands keep on increasing.

O level Business Studies: Are wants unlimited? Yes you could say that wants are limited as you cannot limit the number of things a person desires. On the contrary people to some extent an make a list of the needs they need or the things which are consider to be essential for living in this…

O level Business Studies: Do needs and wants change as the time goes on? Yes as time changes needs and wants change. This actually depends on the kind of life you are living. If you are a rich person you will very quickly transform your wants in to need and if you are a poor…

O level Business Studies: Comparison between need and want If we actually think about the two terms, it would be difficult to distinguish between these two things as they overlap each other. If I take the example of Pakistan, people in Pakistan are deprived of basic needs and electricity would not b considered as a…

O level Business Studies: What is a want? Want something which is not essential, but a person still needs it to live comfortable life. The best example for a want would a car as an individual might be able to live without it, but having it is going to make his or her life comfortable.