5 Questions
What is the economic problem?
Scarcity
Define opportunity cost.
Opportunity cost is the next best alternative forgone by choosing another item.
Give an example of a 'need' according to the text.
Water
What is the study of economics and management referred to as?
Business studies
Explain the concept of want with an example.
A good or service that people would like to have, but is not required for living. Example: cars and watching movies.
Learn about the fundamental concepts of business and business studies in this quiz. Explore the definition of business, the study of economics and management, and the concept of the economic problem.
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