In an Attempt to Create Greater Competition and Growth Opportunities

question 47

Multiple Choice

In an attempt to create greater competition and growth opportunities, countries often ________.

• A) increase trade barriers
• B) protect industries
• C) deregulate industries
• D) encourage intermediation
• E) reduce privatization

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Definitions:

Market System

In this model, the economic operations regarding investments, the scale of production, and the distribution strategy are guided by supply and demand laws, ensuring that the pricing of goods and services is freely determined through a system of unrestricted prices.

Business Risk

The potential for financial loss or failure that a business faces due to factors like market fluctuations, competition, and management decisions.

Entrepreneurs

Individuals who organize, operate, and assume the risks for business ventures, acting as the driving force behind innovation and economic growth.

Firm

An organization or business entity that produces and sells goods or services in an attempt to generate profit.