Self employed traders falls under which of the following category?
Private enterprises
Public enterprises
Non profit making organisation
Non governmental organisations
Which of the following influence the way in which we satisfy our needs?
Wants
Demand
Effective demand
Supply
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 source or supply from which an organization gains profit.
Resource
Material
Goods
Services
Which of the following include charities and voluntary organisation?
Micro enterprises
Demand is wants backed by.
Willingness to pay
Ability to pay
Both willingness and ability to pay
Needs
A factor of production which includes the effort or work provided by people.
Land
Labour
Capital
Enterprise
What is meant by added value?
The increase in the selling price of the product
The amount of money spend on advertising the goods
Difference between total cost of production and selling
Difference between selling price and cost of raw materials
Which of the following are set up to fulfill a perceived social need?
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
