1. What best defines an economic institution?
2. What is a key characteristic used to describe small enterprises in the course material?
3. Which distinction correctly matches ownership classification and sector classification?
Economic institution — definition?
Organized unit producing and selling goods/services.
Institution characteristics — role?
Coordinates resources to achieve economic goals.
Classification — ownership?
Public, private, or mixed ownership.
Classification — sector?
Economic activity or social service sectors.
Institution objectives — main goal?
Economic growth, profitability, survival, development.
Churchill Lewis model — purpose?
Describes organization growth stages.
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