Business activities refer to the various actions that a business undertakes to produce and sell goods and services to meet the needs and wants of consumers. Goods are tangible products that can be seen and touched, while services are intangible products that are provided to customers. Needs are basic necessities required for survival, while wants are desires that are not essential for survival but are desired by individuals.

Examples of goods include clothing, food, and electronics, while examples of services include healthcare, education, and transportation. Needs include food, shelter, and clothing, while wants include luxury items such as designer clothing and expensive cars.

Factors of production refer to the resources that are used to produce goods and services. These include land, labor, capital, and entrepreneurship. Land refers to natural resources such as water, minerals, and forests. Labor refers to the human effort required to produce goods and services. Capital refers to the tools, machinery, and equipment used in production. Entrepreneurship refers to the ability to identify and exploit business opportunities.

Opportunity cost refers to the cost of choosing one option over another. For example, if a business chooses to invest in a new product line, the opportunity cost may be the loss of potential profits from investing in a different product line. Specialization refers to the process of focusing on a specific area of expertise. This can lead to increased efficiency and productivity.

10 questions:

1. What is the difference between goods and services?
2. What are some examples of needs and wants?
3. What are the four factors of production?
4. How does specialization lead to increased efficiency?
5. What is opportunity cost?
6. How do businesses identify and exploit opportunities?
7. What are some examples of natural resources?
8. How does labor contribute to the production of goods and services?
9. What is the role of capital in business activities?
10. How do businesses balance the needs of consumers with the need for profitability?