BUSINESS ESSENTIALS EXAM STUDY GUIDE EXAM
QUESTIONS WITH CORRECT ANSWERS
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
QUESTIONS WITH CORRECT ANSWERS
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
