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- Multiple ChoicePlease save your changes before editing any questions.
What is the economic problem?
It is the total wants of a population.
It is when there are only limited resources to satisfy the unlimited needs and wants.
It is the total needs of a population.
- Multiple ChoicePlease save your changes before editing any questions.
What are some of the ways of adding value?
Offering convenience
Custom made capital
Customized services
Advertising
- Fill in the BlankPlease save your changes before editing any questions.
What is the third stage of production?
(Two word answer)
- Multiple ChoicePlease save your changes before editing any questions.
What is not a disadvantage of specialization?
There will boredom for the workers
If there is a machine breakdown the whole production process will be stopped
Time is saved as the workers become more efficient
- Fill in the BlankPlease save your changes before editing any questions.
______ is all the resources provided by nature.
(One word)
- Multiple ChoicePlease save your changes before editing any questions.
Is risk taking ability of the person, who is normally is the owner of the business.
Capital
Labour
Enterprise
Entrepreneur
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These businesses are not owned by the government.
(Two word answer)
- Multiple ChoicePlease save your changes before editing any questions.
What are some characteristics of entrepreneurs?
Risk taking
Creativity
Capital
Opportunity cost
Hard working