Identify 2 ways of increasing added value
Oct/Nov 2019 Version 13 - 1(b)
What is the purpose of business activity?
To combine and organise scarce productive resources to produce goods and services to fulfil the needs and wants of consumers
What is value added?
The difference between the product price and cost of materials or resources used to produce it.
What is opportunity cost
Opportunity cost happens when we forgo an alternative activity or use of resources to produce goods and services. The benefits from...