MicroCorp has a budget that it must allocate toward advertising and market research. To achieve an efficient allocation of resources, how should MicroCorp decide how many dollars to spend on advertising and how many dollars to spend on market research?

(A) Dollars should be spent on advertising until the point where the benefit of the last dollar spent equals the opportunity cost of the last dollar spent. (B) Any remaining dollars should be spent on market research.
(C) The entire budget should be allocated toward market research.
(D) The entire budget should be allocated toward advertising.
(E) An equal number of dollars should be spent on advertising and market research.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

the best way to learn how to declare a major is to talk to a admissions office.

these are the four factors that influence enterpreneurship development

1. economic development

2. culture

3.technological development

4. education