5 Questions
What is the basic economic problem?
Unlimited wants and limited resources
Which of the following is an example of a 'want'?
Cars
What is opportunity cost?
The next best alternative forgone by choosing another item
What does business studies involve?
The study of economics and management
In the example provided about the government's decision, what is the opportunity cost?
Constructing the road
Test your knowledge of business studies with this quiz. Explore the fundamental concepts of economics and management, and gain a clearer understanding of what a business truly is.
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