Unit 1 PBAM Quiz

What marks the key difference between economic systems?

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

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

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

Profit is characterized as the difference between revenues and expenses

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

What is not one of the 5 factors of production?

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

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

Economic systems differ in how factors of production are used.

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

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

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

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

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