Business Essentials Exam Study
Guide Questions with Verified
Answers
Wants that are shared by many people are - ANSWERSpublic wants
Competition forces businesses to - ANSWERSlower their prices.
Market research provides information that can help a business - ANSWERSa. identify
opportunities. b. evaluate demand. c. respond to market goods and services.
Businesses supply goods and services - ANSWERSto make a profit
business may stop manufacturing a product because - ANSWERStheres a decrease
demand for it
he basic needs of people include food, water, shelter and - ANSWERSclothing
Businesses provide goods and services to satisfy wants and - ANSWERSneeds
Not a resource - ANSWERStransportation
The contest among businesses to win customers is called - ANSWERScompetition
To avoid failure, a business can modify - ANSWERSproducts, service, and business
practices
shortage of resources is called - ANSWERSscarcity
Scarcity occurs when - ANSWERSdemand exceeds supply
Not a factor of production - ANSWERSeducational resources
Some natural resources, such as wheat and cattle, are - ANSWERSrenewable
use a resource for one purpose and giving up the chance to use it for something else is
- ANSWERStrade off
In a market economy, the higher the price, - ANSWERSthe less consumers will buy
The desire to make a profit is - ANSWERSprofit motive
, In a market economy, producers set a price that - ANSWERSconsumers are willing to
pay
Figures used to measure economic performance are called - ANSWERSeconomic
indicators
Economic indicators measure - ANSWERShow 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 - ANSWERSinflanation
The unemployment rate measures the number of people who - ANSWERSare willing to
work
When the supply of goods is greater than demand, it can result in - ANSWERSsurplus
The total amount of money a government owes is its - ANSWERSnational debt
The rise and fall of economic activity over time is called - ANSWERSbusiness cycle
The stock market crash on October 29, 1929, is known as - ANSWERSBlack Tuesday
Recovery is marked by - ANSWERSpeople going back to work.
more money to purchase goods and services.
increases in production.
Physical products - ANSWERSgoods
Money left over after a business has paid the cost of providing its goods and service -
ANSWERSprofit
Tasks that businesses perform for consumers - ANSWERSservices
The act of gathering and analyzing information about the wants, needs, and preferences
of consumers in a certain market - ANSWERSmarket research
The contest between businesses to win customers - ANSWERScompetition
Any commercial activity that seeks profit by providing goods and services to others in
exchange for money - ANSWERSbusiness
Items that people can use to make or obtain what they need or want -
ANSWERSresources
A person who uses goods or services - ANSWERSconsumer
Guide Questions with Verified
Answers
Wants that are shared by many people are - ANSWERSpublic wants
Competition forces businesses to - ANSWERSlower their prices.
Market research provides information that can help a business - ANSWERSa. identify
opportunities. b. evaluate demand. c. respond to market goods and services.
Businesses supply goods and services - ANSWERSto make a profit
business may stop manufacturing a product because - ANSWERStheres a decrease
demand for it
he basic needs of people include food, water, shelter and - ANSWERSclothing
Businesses provide goods and services to satisfy wants and - ANSWERSneeds
Not a resource - ANSWERStransportation
The contest among businesses to win customers is called - ANSWERScompetition
To avoid failure, a business can modify - ANSWERSproducts, service, and business
practices
shortage of resources is called - ANSWERSscarcity
Scarcity occurs when - ANSWERSdemand exceeds supply
Not a factor of production - ANSWERSeducational resources
Some natural resources, such as wheat and cattle, are - ANSWERSrenewable
use a resource for one purpose and giving up the chance to use it for something else is
- ANSWERStrade off
In a market economy, the higher the price, - ANSWERSthe less consumers will buy
The desire to make a profit is - ANSWERSprofit motive
, In a market economy, producers set a price that - ANSWERSconsumers are willing to
pay
Figures used to measure economic performance are called - ANSWERSeconomic
indicators
Economic indicators measure - ANSWERShow 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 - ANSWERSinflanation
The unemployment rate measures the number of people who - ANSWERSare willing to
work
When the supply of goods is greater than demand, it can result in - ANSWERSsurplus
The total amount of money a government owes is its - ANSWERSnational debt
The rise and fall of economic activity over time is called - ANSWERSbusiness cycle
The stock market crash on October 29, 1929, is known as - ANSWERSBlack Tuesday
Recovery is marked by - ANSWERSpeople going back to work.
more money to purchase goods and services.
increases in production.
Physical products - ANSWERSgoods
Money left over after a business has paid the cost of providing its goods and service -
ANSWERSprofit
Tasks that businesses perform for consumers - ANSWERSservices
The act of gathering and analyzing information about the wants, needs, and preferences
of consumers in a certain market - ANSWERSmarket research
The contest between businesses to win customers - ANSWERScompetition
Any commercial activity that seeks profit by providing goods and services to others in
exchange for money - ANSWERSbusiness
Items that people can use to make or obtain what they need or want -
ANSWERSresources
A person who uses goods or services - ANSWERSconsumer
