Business Quiz

______________ is the study of resources, its utilization and how decisions are made by individuals and organisations in an effort to satisfy unlimited wants with limited resources.

Scarcity means

• wants are limited

• needs are unlimited and wants are limited

• needs are limited and wants are unlimited

• needs are infinite

Food , shelter and clothing are examples of _________

_________ are desires that can be satisfied by consuming or using a good or service.

Example of a want is

• water

• air

• shelter

• Car

Minerals is an example of a

• human resource

• natural resource

• manufactured resource

________________ are used as raw materials for the production of goods and services.

Resources which can be replaced in a reasonable time are called

Resources which take a long period of time to get replaced or cannot be replaced once used is called

• renewable resources

• non-renewable resources

What is an example of a human resource

• computer

• tablet

• nurse