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Questions and Answers
What is the purpose of business activity?
What is the purpose of business activity?
- To minimize the use of scarce resources
- To maximize the production of goods and services
- To identify and satisfy the needs and wants of people with the aim of earning profit (correct)
- To solely focus on meeting basic needs
Which factor of production refers to the intelligence of the workforce?
Which factor of production refers to the intelligence of the workforce?
- Labour (correct)
- Capital
- Enterprise
- Land
What does the reward for land as a factor of production refer to?
What does the reward for land as a factor of production refer to?
- Rent (correct)
- Wage/salary
- Profit
- Interest
Which factor of production involves finance, machinery, and equipment?
Which factor of production involves finance, machinery, and equipment?
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What refers to the skill and risk-taking ability of the person who brings together factors of production?
What refers to the skill and risk-taking ability of the person who brings together factors of production?
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