MNB1501 ASSIGNMENT 1 SEMESTER 1 2021 SOLUTIONS

MNB1501 EDUCATION


Assignment 01
Semester 01
2021




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ASSIGNMENT 1


Question 1

Option 4

Reference: TEXTBOOK PAGE 14

Given its unlimited needs but limited resources, society is confronted with the fundamental
economic problem: how to ensure the highest possible satisfaction of needs with these scarce
resources. This is also known as the economic principle.


Question 2

Option 4

Reference: TEXTBOOK PAGE 52

Human resources are people such as the management team, lawyers, accountants, and
technical and other consultants. Human resources are people with knowledge and skills who
contribute to the success of the venture.


Question 3

Option 1

Reference: TEXTBOOK PAGE 354

At the bottom of the hierarchy are the physiological needs, which include food, drink, sex and
air. These are the basic ingredients for survival and for biological functioning. In an organisation,
these needs of employees are satisfied by the provision of things such as a salary, rest rooms, a
cafeteria, heating and adequate lighting.


Question 4

Option 1

Reference: TEXTBOOK PAGE 3

Secondly, business involves production. Production is the transformation of certain resources
into products and services, as illustrated in Figure 1.1. This may be, for example, the conversion
of flour, sugar and butter into bread, or the conversion of bricks, sand, cement, wood and steel
into a house.