Which of the following is NOT considered as a basic factor of production?
Capital
Labour
Physical resources
Land
Production that uses a high proportion of labour compared with machinery and equipment is called
Capital intensive production
Labour intensive production
Machinery intensive production
Human intensive production
Demand is wants backed by.
Willingness to pay
Ability to pay
Both willingness and ability to pay
Needs
Self employed traders falls under which of the following category?
Private enterprises
Public enterprises
Non profit making organisation
Non governmental organisations
The cost of any activity measured in terms of the value of the next best alternative forgone.
Opportunity cost
Economic cost
Lost cost
Alternative cost
A factor of production which includes all resources that occur naturally.
Enterprise
Items we must have in order to live.
Wants
Goods
Services
Which of the following are set up to fulfill a perceived social need?
Micro enterprises
A source or supply from which an organization gains profit.
Resource
Material
Which of the following is a characteristic of services?
Tangible
Intangible
Separable
Volatile
