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Understanding Economic Wants and Resources: Key Concepts in Business Administration

This document by Mr. Bernstein explores the fundamental economic concepts crucial for business administration and management. It discusses the nature of economic wants, which are unlimited, in contrast to limited resources. The text distinguishes between material and non-material wants and delves into the various types of economic utility: form, place, time, and possession. Additionally, it highlights the factors of production—natural resources, labor, capital, and entrepreneurship—providing a comprehensive overview relevant for students and professionals in the field.

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Understanding Economic Wants and Resources: Key Concepts in Business Administration

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  1. Business Administration & Management Mr. Bernstein Satisfying our Economic Wants, pp 57-61 March 6, 2014

  2. Business Administration & ManagementMr. Bernstein Economics Wants are unlimited Resources are limited Economic wants: material goods and services Non-economic wants: non-material desires

  3. Business Administration & ManagementMr. Bernstein Types of Economic Utility Form Utility Place Utility Time Utility Possession Utility

  4. Business Administration & ManagementMr. Bernstein Factors of Production Natural Resources Labor Capital* Entrepreneurship

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