Business Essen als Exam Study Guide/ Business
Essen als Final Exam Study Guide QUESTIONS AND
ANSWERS UPDATED
Wants that are shared by many people are - Ans public wants
Compe on forces businesses to - Ans lower their prices.
Market research provides informa on that can help a business - Ans a. iden fy opportuni es.
b. evaluate demand. c. respond to market goods and services.
Businesses supply goods and services - Ans to make a profit
business may stop manufacturing a product because - Ans theres a decrease demand for it
he basic needs of people include food, water, shelter and - Ans clothing
Businesses provide goods and services to sa sfy wants and - Ans needs
Not a resource - Ans transporta on
The contest among businesses to win customers is called - Ans compe on
To avoid failure, a business can modify - Ans products, service, and business prac ces
, shortage of resources is called - Ans scarcity
Scarcity occurs when - Ans demand exceeds supply
Not a factor of produc on - Ans educa onal resources
Some natural resources, such as wheat and ca&le, are - Ans renewable
use a resource for one purpose and giving up the chance to use it for something else is - Ans
trade off
In a market economy, the higher the price, - Ans the less consumers will buy
The desire to make a profit is - Ans profit mo ve
In a market economy, producers set a price that - Ans consumers are willing to pay
Figures used to measure economic performance are called - Ans economic indicators
Economic indicators measure - Ans 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 - Ans inflana on
The unemployment rate measures the number of people who - Ans are willing to work
Essen als Final Exam Study Guide QUESTIONS AND
ANSWERS UPDATED
Wants that are shared by many people are - Ans public wants
Compe on forces businesses to - Ans lower their prices.
Market research provides informa on that can help a business - Ans a. iden fy opportuni es.
b. evaluate demand. c. respond to market goods and services.
Businesses supply goods and services - Ans to make a profit
business may stop manufacturing a product because - Ans theres a decrease demand for it
he basic needs of people include food, water, shelter and - Ans clothing
Businesses provide goods and services to sa sfy wants and - Ans needs
Not a resource - Ans transporta on
The contest among businesses to win customers is called - Ans compe on
To avoid failure, a business can modify - Ans products, service, and business prac ces
, shortage of resources is called - Ans scarcity
Scarcity occurs when - Ans demand exceeds supply
Not a factor of produc on - Ans educa onal resources
Some natural resources, such as wheat and ca&le, are - Ans renewable
use a resource for one purpose and giving up the chance to use it for something else is - Ans
trade off
In a market economy, the higher the price, - Ans the less consumers will buy
The desire to make a profit is - Ans profit mo ve
In a market economy, producers set a price that - Ans consumers are willing to pay
Figures used to measure economic performance are called - Ans economic indicators
Economic indicators measure - Ans 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 - Ans inflana on
The unemployment rate measures the number of people who - Ans are willing to work
