Business Essentials Exam Study
Guide 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
Guide 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
