Economic Development Factors

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What aspect of a business is affected by the socio-economic situation of a community?

Marketing strategies

Production timeline

Available market size (correct)

Employee salary

What is a result of greater socio-economic activity in a community?

Reduced economic stability

Decreased consumer spending

Greater business opportunities (correct)

Increased competition

What is a key factor in determining what kind of business opportunities exist in an area?

Socio-economic situation of the area (correct)

Climate and geography

Access to natural resources

Government policies

What is an aspect of socio-economics that affects consumer spending habits?

Affluence of the community Signup and view all the answers

What is a key consideration for entrepreneurs to understand in their environment?

The socio-economic situation of the area Signup and view all the answers

What aspect of socio-economics directly affects business in a specific area?

Access to healthcare Signup and view all the answers

What is a characteristic of a perfectly competitive market?

A very large number of sellers and buyers who act independently Signup and view all the answers

What is the result of free entry and exit in a perfectly competitive market?

No legal, technological, or financial constraint exists to hamper the firm's decisions Signup and view all the answers

Why do firms in a perfectly competitive market not attempt to differentiate their products?

Because the products are perfect substitutes from the consumer's perspective Signup and view all the answers

What is the consequence of having a very large number of sellers and buyers in a perfectly competitive market?

Each one is too small to affect the market price of the good Signup and view all the answers

What is the primary goal of a perfectly competitive market?

To achieve economic stability Signup and view all the answers

What is NOT a characteristic of a perfectly competitive market?

A single buyer or seller controls the price of the commodity Signup and view all the answers

What is the direct impact of good education on the economy?

It positively benefits the economy as a whole Signup and view all the answers

How does access to quality health services affect the business environment?

It creates a larger, more active workforce Signup and view all the answers

What is the impact of a well-designed built environment on business activity?

It improves physical business spaces and safety Signup and view all the answers

How does community support impact business opportunities?

It provides more opportunities for businesses to thrive Signup and view all the answers

What is a crucial factor in creating a successful community?

Access to quality healthcare Signup and view all the answers

How does education affect future entrepreneurs?

It provides them with more skills and knowledge Signup and view all the answers