Applied Economics Quiz

The process by which one or two or more persons engage in commercial activity for profit.

Persons or company who supplies goods and services.

The capability of a system to expand its total output under an increased volume of work when resources are added.

. A business which has its own identity and is distinct from the owners is called ____.

A business with the main purpose of gaining profit is called ___________.

A business that creates its own plan to expand its economic growth.

Which brand of drinks may be a very good substitute for Coca-Cola?

Industry rivalry among companies of the same or related industry is called_______.

Competitive advantages that can also be gained by business that seek cooperation within or related industries is termed as____.

Individuals who will buy the products and services in the market.