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 (D)</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 (A)</p> Signup and view all the answers

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

<p>Access to healthcare (B)</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 (A)</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 (B)</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 (D)</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 (B)</p> Signup and view all the answers

What is the primary goal of a perfectly competitive market?

<p>To achieve economic stability (A)</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 (D)</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 (C)</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 (A)</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 (C)</p> Signup and view all the answers

How does community support impact business opportunities?

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

What is a crucial factor in creating a successful community?

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

How does education affect future entrepreneurs?

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

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