Labour - human effort/hard work of a person/human input, Need - A necessity for survival., Opportunity Cost - The next best alternative foregone, Scarcity - Unlimited wants, limited resources, Want - Something people desire, Capital - Goods used in the supply of other products, Entrepreneur - A person who takes risks, and business decision, Enterprise - a business organization., Trade - Transfer of ownership of goods and services from one person to another for something in exchange., Land - Natural resources available for production,

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