Applied Economics Quiz

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

• Business

• Commerce

• Trade

• Partnership

Persons or company who supplies goods and services.

• Consumer

• Creditors

• Government

• Suppliers

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

• Autonomy

• Big Idea

• Profitability

• Scalability

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

• Autonomy

• Big Idea

• Profitability

• Scalability

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

• Autonomy

• Big Idea

• Profitability

• Scalability

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

• Autonomy

• Big Idea

• Profitability

• Scalability

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

• Mirinda

• Pepsi

• RC

• 7 Up

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

• Competition

• Distribution

• Alliance

• Threats

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

• Alliance

• Cost-leadership

• Defensive strategy

• Threats

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

• consumers

• creditors

• government

• suppliers