A Firm Can More Accurately Forecast Both Its Long-Term and Short-Term

question 56

Multiple Choice

A firm can more accurately forecast both its long-term and short-term growth and profit potential by developing its:

• A) Competitor profile
• B) Financial position
• C) Technological innovation
• D) Vendor profile

---

Definitions:

Production Possibilities Curve

A graphical representation showing the maximum number of goods or services that can be produced in an economy given available resources and technology.

Scarce Goods

Items that are limited in availability compared to the desires of people to possess them, requiring mechanisms like pricing or rationing to distribute them.

Unlimited Wants

The economic concept that humans have infinite desires or wishes for goods and services, despite having limited resources.

Invention

The creation of a new product or process, often facilitated by the knowledge of engineering and science.