BUSINESS ESSENTIALS EXAM STUDY GUIDE |
2025/2026 UPDATE | QUESTIONS AND ANSWERS |
WITH COMPLETE SOLUTION
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.
2025/2026 UPDATE | QUESTIONS AND ANSWERS |
WITH COMPLETE SOLUTION
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.
