Unit 1. Business Activity
The foundation of business activities and economics
The foundation of business activities and economics
BizTerm
Wants and Needs
Scarcity
Factors of Production
Opportunity Cost
SpecializationÂ
Division of LaborÂ
Purpose of Business
Added Value
Essential Questions
Explain what is an economic problem?
Distinguish between wants and needs
Explain why scarcity of resources results in choices and opportunity cost
Analyze why specialization is important
Outline the nature and purpose of business activity
Evaluate how businesses can try to increase added value
Lesson Resources
Lesson Resources
Read: IGCSE Textbook Unit 1 Pages 2-10
Read: IGCSE Textbook Unit 1 Pages 2-10
Opportunity Cost
Division of Labor
FEATURED: SCARCITY - ZOO ACTIVITY C'2026
FEATURED: SCARCITY - ZOO ACTIVITY C'2026
MOVIE RECOMMENDATION
MOVIE RECOMMENDATION
'The Founder'
'The Founder'
The story of Ray Kroc, a salesman who turned two brothers' innovative fast food eatery, McDonald's, into the biggest restaurant business in the world, with a combination of ambition, persistence, and ruthlessness. IMDb