BUSINESS ESSENTIALS QUESTION SET WITH
RATIONALES AND ENTREPRENEURSHIP,
OPERATIONS, AND BUSINESS STRATEGY
REVIEW 2026
◉ competition.
Answer: The contest among businesses to win customers is called
◉ d.
Answer: To avoid failure, a business can modify
a.
its products.
c.
its business practices.
b.
its services.
d.
all of the above
◉ scarcity.
Answer: A shortage of resources is called
,◉ demand exceeds supply.
Answer: Scarcity occurs when
◉ a.
Answer: All of the following are factors of production except
a.
educational resources.
c.
labor resources.
b.
natural resources.
d.
capital resources.
◉ renewable.
Answer: Some natural resources, such as wheat and cattle, are
◉ capital resources.
Answer: Buildings, delivery trucks, and equipment are all examples
of
,◉ entrepreneurial.
Answer: Of the four factors of production, the resource that must
adapt to meet society's changing wants and needs is
◉ opportunity cost.
Answer: Deciding to use a resource for one purpose and giving up
the chance to use it for something else is
◉ privately owned.
Answer: In a market economy, resources are
◉ the government.
Answer: In a command economy, resources and businesses are
owned and controlled by
◉ consumers will buy.
Answer: In a market economy, the higher the price the less
◉ profit motive.
Answer: The desire to make a profit is
◉ will cover their costs and result in a profit.
, Answer: In a market economy, producers set a price that
◉ earn the same.
Answer: in a command economy, highly skilled workers ____ ___ _____
as low-skilled workers
◉ mixed economy.
Answer: Most nations have a
◉ socialistic.
Answer: Economies with greater governmental control of resources
are considered more
◉ service based.
Answer: during the early 1600s, the US economy was
◉ economic indicatiors.
Answer: Figures used to measure economic performance are called
◉ d.
Answer: Economic indicators measure
a.
RATIONALES AND ENTREPRENEURSHIP,
OPERATIONS, AND BUSINESS STRATEGY
REVIEW 2026
◉ competition.
Answer: The contest among businesses to win customers is called
◉ d.
Answer: To avoid failure, a business can modify
a.
its products.
c.
its business practices.
b.
its services.
d.
all of the above
◉ scarcity.
Answer: A shortage of resources is called
,◉ demand exceeds supply.
Answer: Scarcity occurs when
◉ a.
Answer: All of the following are factors of production except
a.
educational resources.
c.
labor resources.
b.
natural resources.
d.
capital resources.
◉ renewable.
Answer: Some natural resources, such as wheat and cattle, are
◉ capital resources.
Answer: Buildings, delivery trucks, and equipment are all examples
of
,◉ entrepreneurial.
Answer: Of the four factors of production, the resource that must
adapt to meet society's changing wants and needs is
◉ opportunity cost.
Answer: Deciding to use a resource for one purpose and giving up
the chance to use it for something else is
◉ privately owned.
Answer: In a market economy, resources are
◉ the government.
Answer: In a command economy, resources and businesses are
owned and controlled by
◉ consumers will buy.
Answer: In a market economy, the higher the price the less
◉ profit motive.
Answer: The desire to make a profit is
◉ will cover their costs and result in a profit.
, Answer: In a market economy, producers set a price that
◉ earn the same.
Answer: in a command economy, highly skilled workers ____ ___ _____
as low-skilled workers
◉ mixed economy.
Answer: Most nations have a
◉ socialistic.
Answer: Economies with greater governmental control of resources
are considered more
◉ service based.
Answer: during the early 1600s, the US economy was
◉ economic indicatiors.
Answer: Figures used to measure economic performance are called
◉ d.
Answer: Economic indicators measure
a.
