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Needs, wants, opportunity cost and scarcity Flashcards | StudBud
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Needs, wants, opportunity cost and scarcity
Needs, wants, opportunity cost and scarcity
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StudBud Administration
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Questions
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Answers
1
I produce only glazed muffins this is my______.
Production
Specialization
Industry
Entrepreneurship
2
These new shoes are just what James ______.
Want
Need
Need and a want
3
Having money at home or buying a business is still an investment.
True
False
4
Riddle: What business is never finished?
Production
House
Autobiography
Profitable
5
I am specialized in tourism and hospitality. This statement is _______.
possible
impossible
6
_________is a economic problem of having unlimited human wants in a world of limited resources.
Scarcity
Opportunity cost
Shortage
Needs and Wants
7
Are there more needs or wants in the World today?
Wants
Needs
8
What is a business want?
None of the above
New Logo
Employees
CEO
9
What is the main purpose of business?
Profit
Opportunity cost
Expansion
Promotion
10
I can't buy a shirt and a tie I have no money for both. This is called ?
shortage
value added
wants
opportunity cost
11
What is a business need?
All of the above
Employees
Products
Services