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MNB1501 Assignment 1 2021 AS PER UPDATED TUTORIAL LETTER

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MNB1501 Assignment 1 2021 AS PER UPDATED TUTORIAL LETTER - Assignment questions, answers and page references.

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  • February 23, 2021
  • April 28, 2021
  • 13
  • 2020/2021
  • Other
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Business Management 1A
MNB1501
Department of Business Management
Assignment 01 for 2021 (compulsory)
Due Date: 07 May 2021

, This assignment covers Chapters 1-4 of the prescribed book.

This assignment consists of 20 multiple-choice questions.

Note: You must submit this assignment on myUnisa to obtain admission to the examination!

Save a copy of the submission receipt for peace of mind.

STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT

QUESTION 1

A business’s effort to provide the greatest possible need satisfaction with limited available
resources is known as ____________________.

1 need satisfaction
2 productivity
3 rate of return on total capital
4 the economic principle

Answer:

Refer to page 16 of the prescribed textbook:

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.

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