Business Essentials Exam Study
Guide Questions With Correct
Answers
Wants |that |are |shared |by |many |people |are |- |CORRECT |ANSWER✔✔-public |wants
Competition |forces |businesses |to |- |CORRECT |ANSWER✔✔-lower |their |prices.
Market |research |provides |information |that |can |help |a |business |- |CORRECT |ANSWER✔✔-a. |
identify |opportunities. |b. |evaluate |demand. |c. |respond |to |market |goods |and |services.
Businesses |supply |goods |and |services |- |CORRECT |ANSWER✔✔-to |make |a |profit
business |may |stop |manufacturing |a |product |because |- |CORRECT |ANSWER✔✔-theres |a |
decrease |demand |for |it
he |basic |needs |of |people |include |food, |water, |shelter |and |- |CORRECT |ANSWER✔✔-clothing
Businesses |provide |goods |and |services |to |satisfy |wants |and |- |CORRECT |ANSWER✔✔-needs
Not |a |resource |- |CORRECT |ANSWER✔✔-transportation
The |contest |among |businesses |to |win |customers |is |called |- |CORRECT |ANSWER✔✔-competition
, To |avoid |failure, |a |business |can |modify |- |CORRECT |ANSWER✔✔-products, |service, |and |
business |practices
shortage |of |resources |is |called |- |CORRECT |ANSWER✔✔-scarcity
Scarcity |occurs |when |- |CORRECT |ANSWER✔✔-demand |exceeds |supply
Not |a |factor |of |production |- |CORRECT |ANSWER✔✔-educational |resources
Some |natural |resources, |such |as |wheat |and |cattle, |are |- |CORRECT |ANSWER✔✔-renewable
use |a |resource |for |one |purpose |and |giving |up |the |chance |to |use |it |for |something |else |is |- |
CORRECT |ANSWER✔✔-trade |off
In |a |market |economy, |the |higher |the |price, |- |CORRECT |ANSWER✔✔-the |less |consumers |will |
buy
The |desire |to |make |a |profit |is |- |CORRECT |ANSWER✔✔-profit |motive
In |a |market |economy, |producers |set |a |price |that |- |CORRECT |ANSWER✔✔-consumers |are |
willing |to |pay
Figures |used |to |measure |economic |performance |are |called |- |CORRECT |ANSWER✔✔-economic |
indicators
Economic |indicators |measure |- |CORRECT |ANSWER✔✔-how |much |a |country |is |producing, |
whether |its |economy |is |growing, |how |the |country |compares |to |others.
Guide Questions With Correct
Answers
Wants |that |are |shared |by |many |people |are |- |CORRECT |ANSWER✔✔-public |wants
Competition |forces |businesses |to |- |CORRECT |ANSWER✔✔-lower |their |prices.
Market |research |provides |information |that |can |help |a |business |- |CORRECT |ANSWER✔✔-a. |
identify |opportunities. |b. |evaluate |demand. |c. |respond |to |market |goods |and |services.
Businesses |supply |goods |and |services |- |CORRECT |ANSWER✔✔-to |make |a |profit
business |may |stop |manufacturing |a |product |because |- |CORRECT |ANSWER✔✔-theres |a |
decrease |demand |for |it
he |basic |needs |of |people |include |food, |water, |shelter |and |- |CORRECT |ANSWER✔✔-clothing
Businesses |provide |goods |and |services |to |satisfy |wants |and |- |CORRECT |ANSWER✔✔-needs
Not |a |resource |- |CORRECT |ANSWER✔✔-transportation
The |contest |among |businesses |to |win |customers |is |called |- |CORRECT |ANSWER✔✔-competition
, To |avoid |failure, |a |business |can |modify |- |CORRECT |ANSWER✔✔-products, |service, |and |
business |practices
shortage |of |resources |is |called |- |CORRECT |ANSWER✔✔-scarcity
Scarcity |occurs |when |- |CORRECT |ANSWER✔✔-demand |exceeds |supply
Not |a |factor |of |production |- |CORRECT |ANSWER✔✔-educational |resources
Some |natural |resources, |such |as |wheat |and |cattle, |are |- |CORRECT |ANSWER✔✔-renewable
use |a |resource |for |one |purpose |and |giving |up |the |chance |to |use |it |for |something |else |is |- |
CORRECT |ANSWER✔✔-trade |off
In |a |market |economy, |the |higher |the |price, |- |CORRECT |ANSWER✔✔-the |less |consumers |will |
buy
The |desire |to |make |a |profit |is |- |CORRECT |ANSWER✔✔-profit |motive
In |a |market |economy, |producers |set |a |price |that |- |CORRECT |ANSWER✔✔-consumers |are |
willing |to |pay
Figures |used |to |measure |economic |performance |are |called |- |CORRECT |ANSWER✔✔-economic |
indicators
Economic |indicators |measure |- |CORRECT |ANSWER✔✔-how |much |a |country |is |producing, |
whether |its |economy |is |growing, |how |the |country |compares |to |others.
