Which of the Following Are Part of the Five Step

question 8

Multiple Choice

Which of the following are part of the five step corporate risk management process?

• A)Identify and understand the firm's major risks
• B)Decide how much risk to assume
• C)Monitor and manage the risks the firm assumes
• D)All of the above

---

Definitions:

Competitive Market System

An economic system where many buyers and sellers interact in the marketplace, with the forces of supply and demand determining prices and output levels.

Innovation

Innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Economic Profits

Profits in excess of what is considered normal or expected, considering both explicit and implicit costs.

Five Fundamental Questions

Key questions in economics that address what to produce, how to produce, for whom to produce, when to produce, and where to produce goods and services.