Examlex
Explain the five-step process used to test the quality of a firm's strategy.
Firm
A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services for profit.
Factor Market
The marketplace where services of the factors of production (notably land, labor, capital) are bought and sold.
Resources Exchanged
The process through which different types of resources, including goods, services, information, and money, are traded or swapped among individuals, businesses, or countries.
Input Markets
Markets where firms buy resources, goods, and services that they need in order to produce outputs that will be sold in output markets.
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