Economic Development Factors
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Questions and Answers

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?

    <p>Affluence of the community</p> Signup and view all the answers

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

    <p>The socio-economic situation of the area</p> Signup and view all the answers

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

    <p>Access to healthcare</p> Signup and view all the answers

    What is a characteristic of a perfectly competitive market?

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

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

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

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

    <p>Because the products are perfect substitutes from the consumer's perspective</p> 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?

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

    What is the primary goal of a perfectly competitive market?

    <p>To achieve economic stability</p> Signup and view all the answers

    What is NOT a characteristic of a perfectly competitive market?

    <p>A single buyer or seller controls the price of the commodity</p> Signup and view all the answers

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

    <p>It positively benefits the economy as a whole</p> Signup and view all the answers

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

    <p>It creates a larger, more active workforce</p> Signup and view all the answers

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

    <p>It improves physical business spaces and safety</p> Signup and view all the answers

    How does community support impact business opportunities?

    <p>It provides more opportunities for businesses to thrive</p> Signup and view all the answers

    What is a crucial factor in creating a successful community?

    <p>Access to quality healthcare</p> Signup and view all the answers

    How does education affect future entrepreneurs?

    <p>It provides them with more skills and knowledge</p> Signup and view all the answers

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