Exam (elaborations)
Business Essentials Exam Study Guide questions with answers
- Course
- Institution
Business Essentials Exam Study Guide questions with answers
[Show more]
Content preview
Business Essentials Exam Study GuideWants that are shared by many people are - correct answer ✔✔public wants
Competition forces businesses to - correct answer ✔✔lower their prices.
Market research provides information that can help a business - correct answer ✔✔a. identify
opportunities. b. evaluate demand. c. respond to market goods and services.
Businesses supply goods and services - correct answer ✔✔to make a profit
business may stop manufacturing a product because - correct answer ✔✔theres a decrease demand for
it
he basic needs of people include food, water, shelter and - correct answer ✔✔clothing
Businesses provide goods and services to satisfy wants and - correct answer ✔✔needs
Not a resource - correct answer ✔✔transportation
The contest among businesses to win customers is called - correct answer ✔✔competition
To avoid failure, a business can modify - correct answer ✔✔products, service, and business practices
shortage of resources is called - correct answer ✔✔scarcity
Scarcity occurs when - correct answer ✔✔demand exceeds supply
, Not a factor of production - correct answer ✔✔educational resources
Some natural resources, such as wheat and cattle, are - correct answer ✔✔renewable
use a resource for one purpose and giving up the chance to use it for something else is - correct answer
✔✔trade off
In a market economy, the higher the price, - correct answer ✔✔the less consumers will buy
The desire to make a profit is - correct answer ✔✔profit motive
In a market economy, producers set a price that - correct answer ✔✔consumers are willing to pay
Figures used to measure economic performance are called - correct answer ✔✔economic indicators
Economic indicators measure - correct answer ✔✔how much a country is producing, whether its
economy is growing, how the country compares to others.
A general increase in the price of goods and services is called - correct answer ✔✔inflanation
The unemployment rate measures the number of people who - correct answer ✔✔are willing to work
When the supply of goods is greater than demand, it can result in - correct answer ✔✔surplus
The total amount of money a government owes is its - correct answer ✔✔national debt
The rise and fall of economic activity over time is called - correct answer ✔✔business cycle
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now