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What defines a "business" in the economic sense?

A business is an organization or entity engaged in commercial, industrial, or professional activities to provide goods or services, typically in exchange for profit or to meet a specific market need.

Why is understanding global market trends crucial for businesses?

Global market trends provide insights into consumer behavior, emerging technologies, competitive landscapes, and potential risks or opportunities, which are vital for informed strategic decision-making and sustainable growth.

How do economic indicators influence business decisions?

Economic indicators like GDP, inflation, and unemployment rates help businesses forecast demand, assess market health, manage inventory, plan investments, and adapt their strategies effectively to changing conditions.

What is the significance of corporate governance?

Corporate governance establishes the system of rules, practices, and processes by which a company is directed and controlled. It ensures accountability, transparency, and ethical conduct, protecting the interests of shareholders and other stakeholders.

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