Business essentials unit 2

When employees are working faster they are increasing their

• Wages

• Benefits

• Value

• Efficiency

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

• Operational

• Financial

• Strategic

• Hazard

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

• Market structures

• Perfect competition

• Oligopolies

• Monopolistic competition

What motivates business to produce efficiently and sell effectively?

• The desire to spend money

• The hole of making profit

• The need of recognition

• The chance to start a trend

A gap between unlimited wants and limited resources creates

• Economics

• Resources

• Wants

• Scarcity

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

• Economic

• Unlimited

• Limited

• Non-economic

Which of the following represents a primary business activity

• Scheduling

• Designing

• Marketing

• Supervising

Which of the following statements about perfect competition is correct:

• There are 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 benchmark to compare real market structures against.

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

• Rebates

• No price competition

• Price fixing

• Price competition

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

• Avoiding

• Prevent or controlling

• Retaining

• Transferring