Business Studies Flashcard

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are non-essential.

Front

Which of the following is a want rather than a need? Clean water, Shelter, Smartphone, Food

Back

Smartphone

Front

How does a business satisfy society's needs and wants?

Back

By producing goods and services

Front

Which of the following is a principle of SDG 12? Sustainable consumption and production, Increasing pollution, Promoting monopolies, Eliminating consumer choices

Back

Sustainable consumption and production

Front

How can businesses contribute to SDG 12?

Back

By using eco-friendly production methods

Front

If a company chooses to invest in new machinery instead of employee training, what is the opportunity cost?

Back

The lost benefits of employee training

Front

Opportunity cost

Back

The benefit of the next best alternative forgone

Front

Which of the following is NOT a factor of production? Land, Capital, Labor, Profit

Back

Profit

Front

What role does an entrepreneur play in the factors of production?

Back

Organizing resources and taking risks

Front

In which stage of production do businesses extract natural resources?

Back

Primary