Business Essentials Unit 2

Front

When employees are working faster or better, they are increasing their

Back

efficiency.

Front

A hurricane that destroys a business is an example of a(n) _______ risk.

Back

hazard

Front

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of

Back

oligopolies.

Front

What motivates businesses to produce efficiently and sell effectively?

Back

The hope of making a profit

Front

A gap between unlimited wants and limited resources creates

Back

scarcity.

Front

Seeing a movie at a theater would be considered a(n) __________ want.

Back

economic

Front

Which of the following statements about perfect competition is correct:
- There is a limited supply of goods and services.
- Businesses have a good deal of control over the market.
- Products vary from seller to seller.
- It is used as a benchmark to compare real market structures against.

Back

It is used as a benchmark to compare real market structures against.

Front

Which of the following represents a primary business activity? Scheduling, Designing, Marketing, Supervising

Back

Marketing

Front

Offering high quality, large assortments, and free shipping are examples of

Back

nonprice competition.

Front

When a business keeps a risk because management is unaware of it, the business is__________ the risk.

Back

retaining