The competitive force of new entrants into an industry is weak when Multiple choice question. existing industry members are looking to expand their market reach by entering new product areas. industry members will strongly contest the efforts of new entrants to gain market share. the pool of entry candidates is large. newcomers can expect to earn attractive profits.

industry members will strongly contest the efforts of new entrants to gain market share.

Explanation:

The Porter’s five forces of competition is a framework developed by Michael E. Porter in 1979, it is used to measure and analyze an organization's competitiveness in a business environment.

The Porter's five forces of competition framework are:

1. The bargaining power of suppliers.

2. The bargaining power of customers.

3. Threat posed by substitute products.

4. Threats posed by new entrants.

5. Threats posed by existing rivals in the industry.

A competitive force can be defined as all of the variables and factors that are capable of threatening the profitability, continuous growth and development of a business firm. Also, the competitive forces differs from one industry to another and as such they are never the same.

The competitive force of new entrants into an industry is usually weak when existing or old industry members with better experiences, understanding of the market and greater competitive advantage strongly contest the efforts of new entrants, in order to gain market share. New entrants generally do not have the wherewithal to contest with existing industry members.

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-lavira : )

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know