Business Essentials Exam Study Guide|
2025/2026 UPDATE | QUESTIONS AND
ANSWERS | WITH COMPLETE SOLUTION
Some natural resources, such as wheat and cattle, are - ANSWERS-
renewable
use a resource for one purpose and giving up the chance to use it for
something else is - ANSWERS-trade off
In a market economy, the higher the price, - ANSWERS-the less consumers
will buy
The desire to make a profit is - ANSWERS-profit motive
In a market economy, producers set a price that - ANSWERS-consumers are
willing to pay
Figures used to measure economic performance are called - ANSWERS-
economic indicators
Economic indicators measure - ANSWERS-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 - ANSWERS-
inflanation
, The unemployment rate measures the number of people who - ANSWERS-
are willing to work
When the supply of goods is greater than demand, it can result in -
ANSWERS-surplus
The total amount of money a government owes is its - ANSWERS-national
debt
Wants that are shared by many people are - ANSWERS-public wants
Competition forces businesses to - ANSWERS-lower their prices.
Market research provides information that can help a business - ANSWERS-
a. identify opportunities. b. evaluate demand. c. respond to market goods
and services.
Businesses supply goods and services - ANSWERS-to make a profit
business may stop manufacturing a product because - ANSWERS-theres a
decrease demand for it
he basic needs of people include food, water, shelter and - ANSWERS-
clothing
Businesses provide goods and services to satisfy wants and - ANSWERS-
needs
Not a resource - ANSWERS-transportation
2025/2026 UPDATE | QUESTIONS AND
ANSWERS | WITH COMPLETE SOLUTION
Some natural resources, such as wheat and cattle, are - ANSWERS-
renewable
use a resource for one purpose and giving up the chance to use it for
something else is - ANSWERS-trade off
In a market economy, the higher the price, - ANSWERS-the less consumers
will buy
The desire to make a profit is - ANSWERS-profit motive
In a market economy, producers set a price that - ANSWERS-consumers are
willing to pay
Figures used to measure economic performance are called - ANSWERS-
economic indicators
Economic indicators measure - ANSWERS-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 - ANSWERS-
inflanation
, The unemployment rate measures the number of people who - ANSWERS-
are willing to work
When the supply of goods is greater than demand, it can result in -
ANSWERS-surplus
The total amount of money a government owes is its - ANSWERS-national
debt
Wants that are shared by many people are - ANSWERS-public wants
Competition forces businesses to - ANSWERS-lower their prices.
Market research provides information that can help a business - ANSWERS-
a. identify opportunities. b. evaluate demand. c. respond to market goods
and services.
Businesses supply goods and services - ANSWERS-to make a profit
business may stop manufacturing a product because - ANSWERS-theres a
decrease demand for it
he basic needs of people include food, water, shelter and - ANSWERS-
clothing
Businesses provide goods and services to satisfy wants and - ANSWERS-
needs
Not a resource - ANSWERS-transportation
