The risk and reward relationship a) is a key aspect of social responsibility b) applies only to service-intensive businesses c) is essential to the counter-cyclical business model d) is fundamental to businesses in every modern economy Question 3 is/are the study of how a society uses scarce resources to produce and distribute goods. a) Opportunity costs b) Capitalism c) Economics d) Entrepreneurship Question 4 Which of the following creates competition for finite resources, thereby forcing trade-offs by participants in the economy? a) Redundancy b) Scarcity c) Opportunity costs d) Free market systems