Business Essentials Vocab

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.

• perfect competition.

• oligopolies.

• monopolistic competition.

What motivates businesses to produce efficiently and sell effectively?

• The desire to spend money

• The hope of making a profit

• The need for 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 would be considered a(n) __________ want.

• economic

• unlimited

• limited

• non-economic

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.

Which of the following represents a primary business activity?

• Scheduling

• Designing

• Marketing

• Supervising

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

• rebates.

• nonprice competition.

• price fixing.

• price competition.

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

• avoiding

• preventing or controlling

• retaining

• transferring