Podcast
Questions and Answers
What is a defining characteristic of small firms?
What is a defining characteristic of small firms?
- Target global markets
- Extensive machinery and workforce
- Operate on a large scale
- Limited in size and revenue (correct)
Why is it difficult for small firms to attract experienced employees?
Why is it difficult for small firms to attract experienced employees?
- Inability to provide training for employees
- Preference for inexperienced workers
- Inability to afford competitive wages and training (correct)
- Lack of job openings
What advantage do small businesses have over large businesses in terms of decision-making?
What advantage do small businesses have over large businesses in terms of decision-making?
- Multiple managers for decision-making
- Owner's full control over decision-making (correct)
- Dependence on external consultants
- Involvement of employees in decision-making
Why may a firm choose to remain small instead of expanding?
Why may a firm choose to remain small instead of expanding?
What is a disadvantage small firms face due to their size?
What is a disadvantage small firms face due to their size?
Why are small businesses more likely to innovate compared to large businesses?
Why are small businesses more likely to innovate compared to large businesses?
Which sector includes economic activities involving extraction of raw natural materials?
Which sector includes economic activities involving extraction of raw natural materials?
During which centuries did the secondary sector gain importance?
During which centuries did the secondary sector gain importance?
Which sector offers intangible goods and services to consumers?
Which sector offers intangible goods and services to consumers?
Which type of firm is usually owned and run by the government?
Which type of firm is usually owned and run by the government?
What was the main form of economic activity in pre-modern times?
What was the main form of economic activity in pre-modern times?
Which industry sectors are commonly public-owned according to the text?
Which industry sectors are commonly public-owned according to the text?
