Introduction to Business Studies
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Questions and Answers

What is the basic economic problem?

  • Unlimited resources and unlimited wants
  • Unlimited wants and limited resources (correct)
  • Unlimited resources and limited wants
  • Equal distribution of resources

    • Which of the following is an example of a 'want'?

  • Shelter
  • Cars (correct)
  • Water
  • Food

    • What does opportunity cost refer to?

  • The total cost of an opportunity
  • The cost of essential goods and services
  • The cost of luxury items
  • The next best alternative forgone by choosing another item (correct)

    • What does business studies encompass?

    <p>The study of economics and management</p> Signup and view all the answers

    What did the government choose to construct instead of a road due to scarcity?

    <p>A hospital</p> Signup and view all the answers

    What is the basic economic problem?

    <p>Unlimited wants and limited resources</p> Signup and view all the answers

    Which of the following is an example of a 'need'?

    <p>Water</p> Signup and view all the answers

    What does scarcity lead to?

    <p>Choices</p> Signup and view all the answers

    What is opportunity cost?

    <p>The next best alternative forgone by choosing another item</p> Signup and view all the answers

    What did the government choose to construct instead of a road due to scarcity?

    <p>A hospital</p> Signup and view all the answers

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