business

what are needs?

• things that are needed to have

• things that have a lot of priority in life

• things that are necessary for survival, that we cannot live without

• things that we would really like to have

what are wants?

• things that we would like to have, that are not necessary for survival

• things that everyone has

• things that people use everyday

• things that are always needed

what is scarcity?

• when there are unlimited wants and unlimited resources

• when there are unlimited wants that cannot be met by the limited resources

• when there are limited wants and limited resources

• when something is less than the other

what is the correct order?

• choice, opportunity cost, scarcity

• opportunity cost, choice

• choice, scarcity, opportunity cost

• scarcity, choice, opportunity cost

opportunity cost is defined as the next best alternative forgone, in terms of a choice made

• true

• false

what are the 4 factors of production?

• land, labor, capital, manager

• land, labor, money, enterprise

• land, labor, capital, enterprise

• land, entrepreneur, money, products

land is all the natural resources that is used to make other goods and services.

what is an example of land?

• fish

• money

• sheep

• building

capital is all the man-made resources that is used to make other goods and services.

what is an example of capital for a bakery?

• money

• oven

• baker

• salary

what is the reward for capital?

• profit

• rent

• salary

• interest

what is the reward for the labors and the enterprise?

• money

• salary and profit

• profit and salary

• business growth