Businesses That Have Become Uncompetitive Because of an Inability to Make

question 8

True/False

Businesses that have become uncompetitive because of an inability to make necessary changes for continued success are even more common than businesses that fail.

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Definitions:

Price

The economic worth conjectured, obligatory, or handed over as a consideration for something.

Resource Market

A marketplace where resources (such as labor, capital, and natural resources) are bought and sold, facilitating economic production.

Factors of Production

Resources used in the creation of goods and services, including land, labor, capital, and entrepreneurship.

Firms

Business organizations engaged in professional, commercial, industrial, or service activities.