Scarcity, Not enough of something. We don't have unlimited resources., Needs, Things necessary for life, Wants, Things we would like but do not need, Opportunity cost, What you give up to choose something else, Specialisation, Focusing on one particular activity, Division of labour, Split up work between different people, Business, Organisation that sells goods or services, Added value, Making a product worth more, Primary sector, Getting raw materials from nature, Secondary sector, Turning raw materials into products, Tertiary sector, Providing services/ products to customers, Private sector, Businesses owned by people or companies, Public sector, Government-owned or government-controlled services, Mixed economy, Economy with private and public sectors, De-industrialisation, When manufacturing becomes less important

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