GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is NOT one of the five roles of business
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Providing employment
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Stimulating economy
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paying taxes to government
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competing with other businesses
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Explanation:
Detailed explanation-1: -Competition stimulates firms to lower their own costs and run their businesses as efficiently as possible. But when competition is restricted – such as by one company acquiring most competitors or reaching agreements on prices with other competitors – prices are likely to increase and quality is likely to also suffer.
Detailed explanation-2: -Competitive Rivalry. Supplier Power. Buyer Power. Threat of Substitution. Threat of New Entry.
There is 1 question to complete.