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?

<p>Size, location, market share, and differentiation of products.</p> Signup and view all the answers

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

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

What is market share and why is it important?

<p>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.</p> Signup and view all the answers

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