Business Essentials Exam Study Guide QUESTIONS WITH ANSWERS

Business Essentials Exam Study Guide |\ |\ |\ |\ |\




QUESTIONS WITH ANSWERS |\ |\




Wants that are shared by many people are - CORRECT
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ANSWERS ✔✔public wants |\ |\




Competition forces businesses to - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\



✔✔lower their prices. |\ |\




Market research provides information that can help a
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business - CORRECT ANSWERS ✔✔a. identify
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opportunities. b. evaluate demand. c. respond to market |\ |\ |\ |\ |\ |\ |\ |\



goods and services.
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Businesses supply goods and services - CORRECT |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔to make a profit |\ |\ |\ |\




business may stop manufacturing a product because -
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CORRECT ANSWERS ✔✔theres a decrease demand for it
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he basic needs of people include food, water, shelter and
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- CORRECT ANSWERS ✔✔clothing
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, Businesses provide goods and services to satisfy wants
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and - CORRECT ANSWERS ✔✔needs
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Not a resource - CORRECT ANSWERS ✔✔transportation
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The contest among businesses to win customers is called
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- CORRECT ANSWERS ✔✔competition
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To avoid failure, a business can modify - CORRECT
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ANSWERS ✔✔products, service, and business practices
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shortage of resources is called - CORRECT ANSWERS
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✔✔scarcity


Scarcity occurs when - CORRECT ANSWERS ✔✔demand
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exceeds supply |\




Not a factor of production - CORRECT ANSWERS
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✔✔educational resources |\




Some natural resources, such as wheat and cattle, are -
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CORRECT ANSWERS ✔✔renewable |\ |\