Which of the Following Is an Element of a Firm's

question 93

Multiple Choice

Which of the following is an element of a firm's external environment?

• A) Employees
• B) Suppliers
• C) Owners
• D) Board of directors

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Definitions:

Absolute Advantage

Absolute advantage is the ability of a country or entity to produce a good or service more efficiently than others, using fewer resources.

Trade

The exchange of goods or services between individuals, businesses, or countries.

World Price

The worldwide market rate of a product or service, shaped by the global conditions of supply and demand.

Import

The act of bringing goods or services into one country from another for sale or use, which can impact domestic markets and industries.