Unit 1 PBAM

what does a planned economy rely on a centralized government to do

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

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

which environment is NOT an important dimension of a business organizations external environment

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

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

when a company advertises heavy what type of competition are they in

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

what is the process for converting government enterprises into individually owned firms

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

economic systems differ in how factors of production are used

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

what are profits

what is not one of the 5 factors of production

what marks the key difference between economic systems