BS quiz chpter 1 to 4

WHAT IS A NEED?

• A need is something that is essential for survival, growth, and well-being.
• A need is something that is optional for survival
• A need is something that is harmful for growth
• A need is something that is irrelevant for well-being

THE BASIC ECONOMIC PROBLEM IS________.

WHAT IS OPPORUNITY COST?

• Opportunity cost is the value of the next best alternative forgone when a decision is made.
• Opportunity cost is the total cost of all available alternatives
• Opportunity cost is the cost of the chosen option
• Opportunity cost is the same as sunk cost

_________ OCCURS WHEN PEOPLE AND BUSINESSES CONCENTRATE ON WHAT THEY ARE BEST AT.

What is division of labour?

• Division of labour is the combination of different tasks into a single job role
• Division of labour is the process of assigning the same tasks to all team members
• Division of labour is the elimination of specialized roles within a team
• Division of labour is the specialization of cooperative labor divided into specific tasks and roles.

WHAT IS A BUSINESS?

what is added value?

• Decrease in worth or desirability of a product or service
• Unchanged value of a product or service
• Value added tax on a product or service
• The difference btwn the selling price of a product and the cost of raw materials used to make it.

WHY IS ADDED VALUE IMPORTANT?

• Added value is important for marketing, production, and innovation.
• Added value is important for cost reduction, quality improvement, and employee satisfaction.
• Added value is important for increasing profits of a business

• Added value is important for sales, distribution, and advertising.

HOW CAN A BUSINESS INCREASE ADDED VALUE?

• By increasing selling prices and keeping cost of raw materials the same.

• By ruining product quality, enhancing customer service, differentiating products, implementing cost-effective strategies, and investing in research and development.

• By reducing product quality and customer service
• By neglecting research and development and implementing costly strategies

THE THREE STAGES OF ECONIMIC ACTIVITIES ARE?

• Primary, Tertiary, Quaternary
• Secondary, Tertiary, Quinary
• Primary, Secondary, Quaternary
• Primary, Secondary, Tertiary