Business Essentials Exam Study Guide Correctly Answered.

Business Essentials Exam Study Guide Correctly Answered. 1. Wants that are shared by many people are public wants 2. Competition forces businesses to lower their prices. 3. Market research provides information that can help a business a. identify opportunities. b. evaluate demand. c. re- spond to market goods and services. 4. Businesses supply goods and services to make a profit 5. business may stop manufacturing a product because theres a decrease demand for it 6. he basic needs of people include food, water, shelter and clothing 7. Businesses provide goods and services to satisfy wants needs and 8. Not a resource transportation 9. The contest among businesses to win customers is called competition 10. To avoid failure, a business can modify products, service, and business practices 11. shortage of resources is called scarcity 12. Scarcity occurs when demand exceeds supply 13. Not a factor of production educational resources 14. Some natural resources, such as wheat and cattle, are renewable 15. use a resource for one purpose and giving up the chance to use it for something else is trade ott 16. In a market economy, the higher the price, the less consumers will buy 17. The desire to make a profit is profit motive 18. In a market economy, producers set a price that consumers are willing to pay 19. Figures used to measure economic performance are called economic indicators Economic indicators measure how much a country is producing, whether