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Questions and Answers
What is the primary purpose of business activity?
What is the primary purpose of business activity?
- To minimize opportunity cost
- To produce goods or services that satisfy a need in the market (correct)
- To increase global competition
- To specialize in a specific industry
Why has specialization become more common?
Why has specialization become more common?
- To reduce customer loyalty
- Due to specialized technology, machinery, and increasing global competition (correct)
- To lower the quality of products
- To decrease productivity and output per worker
What is the difference between goods and services?
What is the difference between goods and services?
- Goods are physical products, services are non-physical items (correct)
- Goods are non-physical items, services are physical products
- Goods are intangible, services are tangible
- Goods are hard to produce, services are easy to produce
What does specialization lead to in terms of productivity?
What does specialization lead to in terms of productivity?
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What is the purpose of adding value to products or services in business activity?
What is the purpose of adding value to products or services in business activity?
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Which of the following is considered essential according to the text?
Which of the following is considered essential according to the text?
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What is the economic term for the loss of the next best alternative when making a decision?
What is the economic term for the loss of the next best alternative when making a decision?
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In economics, which of the following represents factors of production?
In economics, which of the following represents factors of production?
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What is the term used to describe desires which are non-essential according to the text?
What is the term used to describe desires which are non-essential according to the text?
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When a producer decides to allocate all resources to producing electric vehicles, what represents the opportunity cost?
When a producer decides to allocate all resources to producing electric vehicles, what represents the opportunity cost?
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