Scarcity, Choice And Potential Conflicts Flashcards
1
Q
what is scarcity?
A
Only a limited amount of resources but unlimited wants so choices have to be made
2
Q
Opportunity cost?
A
The cost of the next best alternative that could have been chosen
3
Q
What is a trade off
A
A situation where having more of one thing leads to having less of another
4
Q
name all the economics agents
A
Consumers, Producers, Government
5
Q
What is corporate social responsibility?
A
Making decisions that takes into account all stake holder interests
6
Q
name 10 business objectives
A
profit maximisation, sales maximisation, satisficing, survival, market share, cost efficiency, return of investment, employee welfare, customer satisfaction and social objectives
