the economic problem - Chapter 1 0.0 / 5 ? Business Studiesthe economic problemASEdexcel Created by: evierutherford1999Created on: 21-03-17 14:36 what is Euntrepreneurial characteristic? They are skills that a successful entrepreneur possesses. 1 of 10 What is a Entrepreneurial motive? entrepreneurial motivation refers to the forces or drive within an entrepreneur that affect the direction of the individual. 2 of 10 what is market oreintation? a business oreintation focuses on product development as it aims at improving existing products to meet demands of customers. 3 of 10 what is a scarce resource? Anything useful which is not available in unlimited quantities. 4 of 10 what is a economic problem? the economic problem occurs when there are finite resources available to supply unlimited wants. 5 of 10 Name 3 renewable resources? Wind, water and electricity. 6 of 10 name 3 unrenewablw resources? Oil, coal and gas. 7 of 10 What are sustainable resources? Sustainable resources are ones used for economic activities in a manner so they don't run out. e.g not over fishing. 8 of 10 What is n oppertunity cost? An oppertunity cost is the benefit lost of the next best alternative when making a choice. 9 of 10 What is a trade off? A trade off is when looking at a balance between two choices and choosing more of one and less of the other. 10 of 10
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