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Business Enterprises and Factors of Production Quiz

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Business Enterprises and Factors of Production Quiz

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Questions and Answers

What is a business enterprise?

A business enterprise is an organization engaged in commercial, industrial, or professional activities to earn profit.

What are the factors of production associated with a business enterprise?

The factors of production associated with a business enterprise are land, labor, capital, and entrepreneurship.

Why is it important to demonstrate and apply knowledge and understanding of a business enterprise and its factors of production?

It is important to demonstrate and apply knowledge and understanding of a business enterprise and its factors of production to effectively manage and operate a business, make informed decisions, and achieve success in the competitive market.

What are the four features of markets that one should demonstrate knowledge and understanding of?

Size, location, market share, and differentiation of products. Signup and view all the answers

Why is it important to understand the size of a market?

Understanding the size of a market helps businesses determine the potential demand for their products or services. Signup and view all the answers

What is market share and why is it important?

Market share refers to the portion of the total market that a company holds. It is important because it indicates the competitive position of a business within the industry. Signup and view all the answers