Unit 1 PBAM Quiz

Physical resources include the data and other information used by a business.

Which environment is NOT an important dimension of a business organization's external environment?

What is not one of the 5 factors of production?

The five factors of production are labor, capital, entrepreneurs, physical resources and information resources.

Which of the following exists when an industry or market has only one producer?

Which of the following exists when an industry or market has many small firms?

Demographics is defined as a statistical view of a population, generally including age, gender, income, housing, etc.

A planned economy relies on the government to allocate all or most factors of production

Economic systems differ in how factors of production are used.

What is the process for converting government enterprises into individually owned firms known as?

Which of the following does NOT represent a degree of competition in a private enterprise system?

When a company advertises heavily in order to show differentiation they are in which competitive environment.

What term denotes a nation's basis for allocating its resources among its citizens?

What marks the key difference between economic systems?

Profit is characterized as the difference between revenues and expenses