Business Management 1A
MNB1501
Assignment 01 for Semester 01 (compulsory)
Unique Number 858169
Due: 20 March 2020
, STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT
QUESTION 1
The fundamental economic problem society is confronted with involves
_____________________.
1. ensuring they get what they want
2. choosing how it will use its scarce resources to the maximum effect in order to
satisfy its needs
3. ensuring the lowest possible satisfaction of needs with these scarce resources
4. making as much profit as possible regardless of the needs of society
Answer:
1.3.3 Need satisfaction: A cycle
To be able to satisfy the needs of the community, entrepreneurs have to utilise
scarce resources in certain combinations to produce products and services.
Economic value is created in the course of the production process by combining
production factors in such a way that final products are produced for consumers. A
nation’s survival depends on the satisfaction of its people’s needs. Striving for need
satisfaction with the limited resources available is an incentive for economic
progress.
MNB1501
Assignment 01 for Semester 01 (compulsory)
Unique Number 858169
Due: 20 March 2020
, STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT
QUESTION 1
The fundamental economic problem society is confronted with involves
_____________________.
1. ensuring they get what they want
2. choosing how it will use its scarce resources to the maximum effect in order to
satisfy its needs
3. ensuring the lowest possible satisfaction of needs with these scarce resources
4. making as much profit as possible regardless of the needs of society
Answer:
1.3.3 Need satisfaction: A cycle
To be able to satisfy the needs of the community, entrepreneurs have to utilise
scarce resources in certain combinations to produce products and services.
Economic value is created in the course of the production process by combining
production factors in such a way that final products are produced for consumers. A
nation’s survival depends on the satisfaction of its people’s needs. Striving for need
satisfaction with the limited resources available is an incentive for economic
progress.
