Define the following terms as used in business studies;
i)Economics
ii)Entrepreneurship
iii)Opportunity Cost
iv)Scale of preference.

Answer:

i)Economics
-It refers to how human being strive to satisfy their unlimited wants using the limited or scarce resources
ii)Entrepreneurship
-Refers to the process of identifying a business opportunity and acquiring necessary resource to maximise the profit
iii)Opportunity Cost
-This is the value of the best next alternative forgone 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.

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