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Duplicate of Duplicate of Needs, wants, opportunity cost and scarcity Flashcards | StudBud
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Duplicate of Duplicate of Needs, wants, opportunity cost and scarcity
Duplicate of Duplicate of Needs, wants, opportunity cost and scarcity
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1
This new IPad is just what Jemma ______.
Needs
Needs and wants
Wants
2
Specialisation can lead to...
parties
criminal activity
boredom
Bankruptcy
3
What is the main purpose of business?
Expansion
Profit
Promotion
Opportunity cost
4
A good way to remember the factors of production is...
DELL
SMELL
CELL
WELL
5
A business decides to purchase a car instead of a photocopier The opportunity cost is the...
neither
both
the car
the photocopier
6
Capital in business refers to
machinery and premises
machinery and coal
Machinery and finance
machinery and staff
7
I produce only glazed muffins this is my______.
Entrepreneurship
Industry
Specialisation
Production
8
The factors of production include...
Labour, land, capital and enterprise
labour, land, capital and establishment
Love, life, care and elephants
land, labour, evolution and capital
9
_________is an economic problem of having unlimited human wants but limited resources.
Needs and Wants
Specialisation
Scarcity
Shortage
10
I can't buy a shirt and a tie, I don't have enough money for both. This is called ?
wants
value added
shortage
needs
