BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Unlimited and noneconomic
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Economic and noneconomic
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Unlimited and limited
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Unlimited and economics
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Detailed explanation-1: -Economic wants are those goods and services that can be bought. Economic wants are classified as: Non-Economic wants are those which do not require a monetary payment. This could be love, affection, etc.
Detailed explanation-2: -Classification of Human Wants We can classify wants into three broad categories in economics. These are Necessaries, Comforts, and Luxuries.
Detailed explanation-3: -The economic goals of business firms include profits while non economic goals include the societal impacts. Explanation: There are economic and non economic goals of business firms. The primary economic goal of a business firm is profit earning.
Detailed explanation-4: -A non-economic activity is an activity performed with the purpose of rendering services to others without any considerations of financial gains. Activities that are initiated for personal content or for meeting human sentiments are non-economic activities.
Detailed explanation-5: -Resources are scarce because we live in a world in which humans’ wants are infinite but the land, labor, and capital required to satisfy those wants are limited. This conflict between society’s unlimited wants and our limited resources means choices must be made when deciding how to allocate scarce resources.