People do not have enough money.
There are not enough resources to satisfy people’s unlimited wants.
There are not enough wants for the unlimited resources to satisfy.
There are too many factors of production.
Everything else I could have bought with the $10
He benefit lost from not being able to consume the next best option
The benefit gained from buying the book.
There are so many products that we cannot use them all at once
The government has so much money that it does not know what to do with it
There are so many resources compared to people’s needs that we have to choose which ones not to use
There are so many wants compared to scarce resources that we have to decide what to produce.
Workers specialise on just one task and become more efficient at it.
Workers become specialist in all jobs.
All firms only have one worker so jobs are divided between the firms.
No workers are employed as machines always do all the work.
Output and efficiency falls
Workers spend time on training to do several different jobs
Workers can become bored through only concentrating on one job
No machinery is used and this slows down production.
Any organisation owned by the government
A unit that buys products from other firms and sells them to consumers for a profit
An organisation that produces only those goods and services that satisfy people’s basic needs
A unit that combines the factors of production to make products that satisfy people’s wants.
To pay taxes
To make profits
Sales will increase.
Market share will probably rise.
The business will probably become more secure and employ more people.
Management will have less work to do.
Providing a service to the community
Workers and owners
Government and the community
Owners and the community
Managers and the owners