Business Essentials Exam Study Guide Questions Fully Solved.
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
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