Chapter 1 - The Nature Of Business Activity Flashcards
(13 cards)
0
Q
What is the financial reward paid to each factor of production?
A
?
1
Q
What are the FACTORS OF PRODUCTION?
A
- Land
- Labor
- Capital
- Entrepreneurship
2
Q
Why is capital said to be an artificial resource?
A
?
3
Q
Describe six functions involved in business activity.
A
- Research &development
- Marketing
- Finance
- Production
- Administration
- Human resources
4
Q
Why is business activity highly integrated?
A
?
5
Q
Explain the difference between wants and needs.
A
?
6
Q
What is the difference between capital and consumer goods?
A
?
7
Q
What is meant by specialization in business?
A
?
8
Q
What are three advantages of specialization?
A
1.
2.
3.
9
Q
What are three disadvantages of specialization?
A
1.
2.
3.
10
Q
What is the role of money in business?
A
?
11
Q
What are the possible causes of de-industrialization?
A
?
12
Q
What is the basic economic problem?
A
.
