Business essentials unit 2

when employees are working faster or better, 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

• Oligopolies

• Perfect competition

• Monopolistic competition

A gap between unlimited wants and limited resources creates

• Economics

• Resources

• Scarcity

• Wants

Seeing a movie at a theatre would be considered a(n) ________ want

• Economic

• Unlimited

• Limited

• Non-economic

Which of the following represents a primary business activity

• Scheduling

• Marketing

• Supervising

• Designing

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 structure against

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

• Rebates

• No price competition

• Price competition

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

• Avoiding

• Preventing or controlling

• Retaining

The heart of economics is

• Trade-offs

• Wants

• Resources

• Decision making