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Why Is Business Activity Needed?

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To keep the national and international economy going. To improve and advance people's quality of life on earth. To speed progress.
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*People have unlimited wants.
*The four factors of production-the resources needed to make goods - are in limited supply
*Scarcity results from limited resources and unlimited wants.
*Choice is necessary when resources are scarce.this leads to opportunity costs.
* specialisation improves the efficiency of resource use.

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