ECS1501

.1 Economics is the study of [1] how society manages its unlimited resources. [2] how to reduce our wants until we are satisfied. [3] how society manages its scarce resources. [4] how to fully satisfy our unlimited wants. 1.2 Scarcity implies that people must [1] trade. [2] compete. [3] cooperate. [4] make choices. 1.3 Scarcity applies to [1] neither time nor money. [2] both money and time. [3] time but not money. [4] money but not time. 1.4 Opportunity cost can be defined as [1]...

ECS1501 ASSIGNMENT 6 Questions and Answers Traditional Organizational Functions - CORRECT ANSWER traditional functions within organizations include marketing + sales, supply chain management, accounting & finance, human resources, and more! These functions are HIGHLY INTERDEPENDENT with many functions assisting or affecting another function. This makes the exchange of information (usually through Information systems) within organizations ESSENTIAL! Core Business Process & Organizatio...

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ECS1501 – E-tutor/F2F Pre-screening Exercise (This exercise consists of 70 multiple-choice questions that must be answered using the table provided on page 22 of this document). ECS 1501 - MULTIPLE CHOICE (QUESTIONS AND ANSWERS) Page 2 of 22 1. Which one of the following statements about economics is incorrect? [1] The term economics is derived from the Greek words oikos and némein. [2] Economics is a natural science. [3] Economics studies the choices we need to make due to scarcity. ...