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(i) Economics
It refers to the study of how human beings strive to satisfy their unlimited wants using the limited /
scarce
resources.
(ii) Entrepreneurship
It refers to the process of identifying business opportunity and acquiring necessary resources to
maximize the
profit.
(iii)Opportunity cost
This is the value of the best next alternative forgone when acquiring or when a choice has been
made.
(iv) Scale of preference
It is a list of wants showing the order in which they are satisfied from the most urgent to the least
urgent.
gideon1 answered the question on October 1, 2017 at 14:43
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