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Business Essentials Exam Study Guide questions with answers
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Business Essentials Exam Study Guide questions with answers
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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
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