Business Essentials Exam Study Guide
Questions & Answers 2023/2024
Wants that are shared by many people are - ANSWER-public wants
Competition forces businesses to - ANSWER-lower their prices.
Market research provides information that can help a business - ANSWER-a. identify opportunities. b.
evaluate demand. c. respond to market goods and services.
Businesses supply goods and services - ANSWER-to make a profit
business may stop manufacturing a product because - ANSWER-theres a decrease demand for it
he basic needs of people include food, water, shelter and - ANSWER-clothing
Businesses provide goods and services to satisfy wants and - ANSWER-needs
Not a resource - ANSWER-transportation
The contest among businesses to win customers is called - ANSWER-competition
To avoid failure, a business can modify - ANSWER-products, service, and business practices
shortage of resources is called - ANSWER-scarcity
Scarcity occurs when - ANSWER-demand exceeds supply
Not a factor of production - ANSWER-educational resources
, Some natural resources, such as wheat and cattle, are - ANSWER-renewable
use a resource for one purpose and giving up the chance to use it for something else is - ANSWER-trade
off
In a market economy, the higher the price, - ANSWER-the less consumers will buy
The desire to make a profit is - ANSWER-profit motive
In a market economy, producers set a price that - ANSWER-consumers are willing to pay
Figures used to measure economic performance are called - ANSWER-economic indicators
Economic indicators measure - 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 - ANSWER-inflanation
The unemployment rate measures the number of people who - ANSWER-are willing to work
When the supply of goods is greater than demand, it can result in - ANSWER-surplus
The total amount of money a government owes is its - ANSWER-national debt
The rise and fall of economic activity over time is called - ANSWER-business cycle
The stock market crash on October 29, 1929, is known as - ANSWER-Black Tuesday
Questions & Answers 2023/2024
Wants that are shared by many people are - ANSWER-public wants
Competition forces businesses to - ANSWER-lower their prices.
Market research provides information that can help a business - ANSWER-a. identify opportunities. b.
evaluate demand. c. respond to market goods and services.
Businesses supply goods and services - ANSWER-to make a profit
business may stop manufacturing a product because - ANSWER-theres a decrease demand for it
he basic needs of people include food, water, shelter and - ANSWER-clothing
Businesses provide goods and services to satisfy wants and - ANSWER-needs
Not a resource - ANSWER-transportation
The contest among businesses to win customers is called - ANSWER-competition
To avoid failure, a business can modify - ANSWER-products, service, and business practices
shortage of resources is called - ANSWER-scarcity
Scarcity occurs when - ANSWER-demand exceeds supply
Not a factor of production - ANSWER-educational resources
, Some natural resources, such as wheat and cattle, are - ANSWER-renewable
use a resource for one purpose and giving up the chance to use it for something else is - ANSWER-trade
off
In a market economy, the higher the price, - ANSWER-the less consumers will buy
The desire to make a profit is - ANSWER-profit motive
In a market economy, producers set a price that - ANSWER-consumers are willing to pay
Figures used to measure economic performance are called - ANSWER-economic indicators
Economic indicators measure - 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 - ANSWER-inflanation
The unemployment rate measures the number of people who - ANSWER-are willing to work
When the supply of goods is greater than demand, it can result in - ANSWER-surplus
The total amount of money a government owes is its - ANSWER-national debt
The rise and fall of economic activity over time is called - ANSWER-business cycle
The stock market crash on October 29, 1929, is known as - ANSWER-Black Tuesday
