10 Questions
What is the basic economic problem?
Unlimited wants and limited resources
Which of the following is an example of a 'want'?
Cars
What does opportunity cost refer to?
The next best alternative forgone by choosing another item
What does business studies encompass?
The study of economics and management
What did the government choose to construct instead of a road due to scarcity?
A hospital
What is the basic economic problem?
Unlimited wants and limited resources
Which of the following is an example of a 'need'?
Water
What does scarcity lead to?
Choices
What is opportunity cost?
The next best alternative forgone by choosing another item
What did the government choose to construct instead of a road due to scarcity?
A hospital
This quiz provides an introduction to the basic concepts of business studies, including the definition of business and the economic problem of need. By the end of the quiz, you will have a clearer understanding of what business is and its significance in our lives.
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