An explanation of business economics and the importance of economics to managers 1. Research into and use some appropriate definitions to explain clearly business economics as a subject and its difference from economics as a subject. 2. Brief discussion of the importance of economics to business managers and firms' decision-making. (No more than 3 importance) An explanation of the concept of scarcity and choice and the importance of opportunity cost in business decision making 3. Research into and define the concept of Scarcity, Choice and Opportunity Cost in Economics. 4. Explain Scarcity as a fundamental economic concept which relates to a situation where there are insufficient resources to meet all the needs and wants hence, choices have to be made by consumers, businesses and governments with alternatives forgone (Opportunity Cost)