Business Essentials Exam Study Guide
Questions with Correct Answers
100% Verified Graded A+
1. Wants that are shared by many people are
Answer> public wants
2. Competition forces businesses to
Answer> lower their prices.
3. Market research provides information that can help a business
Answer> a. identify opportunities. b. evaluate demand. c. respond to market goods and
services.
4. Businesses supply goods and services
Answer> to make a profit
5. business may stop manufacturing a product because
Answer> theres a decrease demand for it
6. he basic needs of people include food, water, shelter and
Answer> clothing
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, 7. Businesses provide goods and services to satisfy wants and
Answer> needs
8. Not a resource
Answer> transportation
9. The contest among businesses to win customers is called
Answer> competition
10. To avoid failure, a business can modify
Answer> products, service, and business practices
11. shortage of resources is called
Answer> scarcity
12. Scarcity occurs when
Answer> demand exceeds supply
13. Not a factor of production
Answer> educational resources
14. Some natural resources, such as wheat and cattle, are
Answer> renewable
15. use a resource for one purpose and giving up the chance to use it for something
else is
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12
Questions with Correct Answers
100% Verified Graded A+
1. Wants that are shared by many people are
Answer> public wants
2. Competition forces businesses to
Answer> lower their prices.
3. Market research provides information that can help a business
Answer> a. identify opportunities. b. evaluate demand. c. respond to market goods and
services.
4. Businesses supply goods and services
Answer> to make a profit
5. business may stop manufacturing a product because
Answer> theres a decrease demand for it
6. he basic needs of people include food, water, shelter and
Answer> clothing
1/
12
, 7. Businesses provide goods and services to satisfy wants and
Answer> needs
8. Not a resource
Answer> transportation
9. The contest among businesses to win customers is called
Answer> competition
10. To avoid failure, a business can modify
Answer> products, service, and business practices
11. shortage of resources is called
Answer> scarcity
12. Scarcity occurs when
Answer> demand exceeds supply
13. Not a factor of production
Answer> educational resources
14. Some natural resources, such as wheat and cattle, are
Answer> renewable
15. use a resource for one purpose and giving up the chance to use it for something
else is
2/
12
