Business Enterprises and Factors of Production Quiz

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

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

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.

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

<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

<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