The People and Organizations in the Environment That Acquire Goods

question 145

Multiple Choice

The people and organizations in the environment that acquire goods or services from the organization are:

• A) competitors.
• B) suppliers.
• C) customers.
• D) employees.
• E) the labor market.

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Definitions:

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand dynamics.

The Population Bomb

A term popularized by a 1968 book predicting widespread famine and disaster as a result of overpopulation.

Resource Prices

The costs associated with acquiring the inputs needed for production, including materials, labor, and capital.

Widespread Famine

A severe shortage of food across a large geographic area, leading to widespread hunger and malnutrition.