The Collection of Private, Commercially Oriented Organizations, Ranging in Size

question 44

Multiple Choice

The collection of private, commercially oriented organizations, ranging in size from sole proprietorships to large corporations is referred to as

• A) the third sector.
• B) government.
• C) business.
• D) the free market economy.

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Definitions:

Elastic Demand

A condition where a significant fluctuation in the demand for a product occurs due to variances in its price.

High Tariffs

Elevated taxes imposed on imports or exports between sovereign states, typically used to protect domestic industries.

Unionized Firms

Companies or organizations where a labor union represents the interests of the employees, negotiating wages, work conditions, and benefits on their behalf.

Foreign Competition

refers to the competitive pressure that domestic companies face from companies located in other countries.