Business Fundamentals

Basic requirements or necessities of life are known as

• needs

• wants

• likes

• option

Use of goods and services to satisfy human wants is...

• wants

• needs

• consumption

• opportunity cost

An example of want is ....

• air

• Television

• food

• water

what are resources?

• the inputs used in selling goods and services. 

• the ouputs used in producing goods and services. 

• the inputs used in producing goods and services. 

• the inputs used in purchasing goods and services. 

Not having enough resources to satisfy all human wants completely are known as

• resources

• needs

• scarcity

• consumption

law of demand says

• If price increase, demand decrease

• If price decrease , demand decrease

• If price increase, supply increase

• If price decrease supply and demand increase

Who is an internal stakeholder?

• society

• government

• manager

• customer

who is an external stakeholder?

• government

• manager

• employee

• owner

what are the factors of production?

• land, labour, capital, entrepreneur

• land and labour

• land, capital, goods

• natural resources

land includes ....

• non-renewable resources

• natural and man-made resources

• all natural resources used in the production

• land of the building only