O'Level  &

Oct/Nov 2019 Version 13 - 1(b)

Oct/Nov 2018 Version 12 - 1(a)

To combine and organise scarce productive resources to produce goods and services to fulfil the needs and wants of consumers

The difference between the product price and cost of materials or resources used to produce it.

Opportunity cost happens when we forgo an alternative activity or use of resources to produce goods and services. The benefits from...