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Business - unit 1 chapter 1 & 2

Authored by Shruthe S

Business

10th Grade

Used 1+ times

Business - unit 1 chapter 1 & 2
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27 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does scarcity exist?

Each year workers tend to produce less than previously 
Machines wear out in time
There are not sufficient resources to meet everyone's wants
There is a limit to people's wants 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why will scarcity continue to be a problem in the future?

Prices will rise
Resources will always be finite 
Needs will decrease in the future 
World population will fall 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factor of production's function is to make decisions and take risks?

Capital
Enterprise 
Land 
Labour 

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by opportunity cost?

The next best alternative foregone
The cost of the item selected
The cost of exploring business opportunities
The labour used in producing the product 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A need is

something we have to have in order to survive
something we have to have to make our life better

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A want is

something we have to have in order to survive
something we would like to have to make our life better

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which are not a factors of production

land
rent
capital
interest

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