Business Quiz

(a)   is the study of resources, its utilization and how decisions are made by individuals and organisations in an effort to satisfy unlimited wants with limited resources.

Scarcity means

• wants are limited

• needs are unlimited and wants are limited

• needs are limited and wants are unlimited

• needs are infinite

Food , shelter and clothing are examples of (a)  

(a)   are desires that can be satisfied by consuming or using a good or service.

Example of a want is

• water

• air

• shelter

• Car

Minerals is an example of a

• human resource

• natural resource

• manufactured resource

(a)   are used as raw materials for the production of goods and services.

Resources which can be replaced in a reasonable time are called

(a)  

Resources which take a long period of time to get replaced or cannot be replaced once used is called

• renewable resources

• non-renewable resources

What is an example of a human resource

• computer

• tablet

• nurse