Podcast
Questions and Answers
What is the basic economic problem characterized by the insufficiency of goods to fulfill everyone's desires?
What is the basic economic problem characterized by the insufficiency of goods to fulfill everyone's desires?
- Abundance
- Scarcity (correct)
- Surplus
- Plenty
Which of the following is an example of a 'want' as per the text?
Which of the following is an example of a 'want' as per the text?
- Video Games (correct)
- Food
- Shelter
- Water
What are the two categories into which factors of production are classified?
What are the two categories into which factors of production are classified?
- Labour and Capital
- Land and Labour (correct)
- Capital and Entrepreneur
- Entrepreneur and Land
Which of the following is not considered a factor of production?
Which of the following is not considered a factor of production?
What are goods or services essential for living referred to as in the text?
What are goods or services essential for living referred to as in the text?
Study Notes
Basic Economic Problem
- The basic economic problem is characterized by the insufficiency of goods to fulfill everyone's desires.
Wants
- A want is an example of a desire that can be satisfied through the consumption of a particular good or service.
Factors of Production
- Factors of production are classified into two categories: human resources (labour) and natural resources (land, capital, and entrepreneurship).
Non-Factor of Production
- Money is not considered a factor of production.
Goods and Services
- Goods or services essential for living are referred to as necessities.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of business economic management with this introductory quiz. Explore the concepts of factors of production, goods and services, human wants and needs, and economic problem solving. See how well you understand the essentials of running a successful business, whether for profit or non-profit.
