BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Limited, changing, and compensating
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Limited, unchanging, and competing
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Unlimited, unchanging, and compensating
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Unlimited, changing, and competing
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Detailed explanation-1: -Classification of Human Wants We can classify wants into three broad categories in economics. These are Necessaries, Comforts, and Luxuries.
Detailed explanation-2: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
Detailed explanation-3: -Scarcity is specifically defined as the gap between limited resources and unlimited wants.
Detailed explanation-4: -Capital goods are the assets used by businesses in the course of producing their products and services, and can include buildings, machinery, tools and equipment.