Module 2 Test Business Essentials

Front

What do service businesses sell?

Back

intangible goods and services

Front

The economic resource where people work to produce goods or services are:

Back

human resource

Front

The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters?

Back

The price will increase, and the supply will increase.

Front

Competition helps create a healthy society by:

Back

creating new jobs.

Front

New Gear studied trends in the marketplace to price their jerseys. There was an abundance of jerseys remaining after meeting the demand creating which market condition?

Back

surplus

Front

A characteristic of a seller's market is: lower profits, higher prices, larger supply, smaller demand

Back

higher prices

Front

A business that buys goods or services and sells them to the ultimate consumer is a:

Back

retailer

Front

A business decides against opening a store in the next town because its research shows the location will be unprofitable. What form of risk management is this?

Back

avoidance

Front

A form of demand for products in which changes in price correspond to changes in demand is:

Back

elastic

Front

To prepare for effective decision-making that ensures the efficient delivery of products to the marketplace, one should study: marketing, economics, job outlooks, supply chains

Back

supply chains