Business Terminology Quiz

To help businesses analyze their macro-environment (correct)

To identify internal strengths and weaknesses of a business

To analyze microeconomic factors affecting a business

To forecast consumer demand for products and services

Group of customers for specific products or services

Broad industry group or group of markets

Market's ability to produce a good or service

Condition in which the quantity demanded equals the quantity supplied (correct)

Buyers are powerful and can demand cheap prices or product/service improvements (correct)

There is a low threat of new entrants in the industry

The market experiences high demand for products or services

Suppliers have strong control over the market

<p>An industry is a group of firms producing essentially the same products and services, while a sector is a broad industry group or group of markets</p> Signup and view all the answers

<p>Macro-environmental analysis</p> Signup and view all the answers