Business Terminology Quiz

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5 Questions

What is an industry according to the text?

A group of firms producing similar products and services

What does the PESTEL model aim to help businesses analyze?


What does the equilibrium refer to in the context of market demand and supply?

Condition in which quantity demanded equals quantity supplied

What does Porter's Five Forces Framework aim to analyze?

Competition and industry attractiveness

What does the bargaining power of buyers imply?

Buyers can demand cheap prices or product/service improvements

Test your knowledge of business terminology with this quiz on the layers of the business environment. Identify and differentiate between industry, sector, and market in the context of business operations and market dynamics.

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