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Questions and Answers
Which of the following best defines a business?
Which of the following best defines a business?
- Any economic activity that fulfils human wants only
- Any economic activity that fulfils human needs only
- Any economic activity that fulfils human needs and wants without a profit motive
- Any economic activity that fulfils human needs and wants with a profit motive (correct)
Which of the following is an example of a need?
Which of the following is an example of a need?
- Car
- Rice
- Television
- Education (correct)
What is the difference between a need and a want?
What is the difference between a need and a want?
- Needs and wants are the same thing
- Needs and wants are both optional
- Needs are necessary for survival, wants are not (correct)
- Needs are optional, wants are necessary for survival
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