12 Questions
A business is an organization set up by one or more people to produce and/or ______ goods & services.
provide
A ______ is a business that is publicly owned by people and trades on stock exchanges.
public corporation
The ______ sector is responsible for exploiting natural resources.
primary
The ______ function of a business is its main activity.
prime
A ______ statement sets out the main purpose and goals of a business.
mission
The ______ environment includes economic factors that affect a business.
external
_______, social, Technological, ethical -> business has to monitor & adapt to these influences.
Political
Changing prices determines _______ and demand.
supply
Macroeconomics deals with economy-wide indicators like GDP, growth rate, prices, unemployment, and inflation. GDP stands for gross domestic _______.
product
Planned economies like socialist or communist systems have _______ competition and limited government intervention.
little
Privatization refers to changing a business from state to private _______.
ownership
The law of demand states that when price goes down, buyers tend to _______ more.
purchase
Learn about the different types of business ownership such as private, public corporation, and state-owned, as well as the classification of businesses based on industry sectors like primary and secondary sectors.
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