Final answer:
The stages of the business life cycle in correct order are Existence, Survival of the Fittest, Take-off, and Maturity, reflecting initial setup, market establishment, rapid growth, and managed growth for optimization.
Step-by-step explanation:
Understanding the stages of the business life cycle is crucial for entrepreneurs and managers to navigate the growth and development of a business effectively. The correct order of the stages of the business life cycle, when aligned with the economic development terms provided, is as follows:
- Existence - This corresponds with 'Stage 1: Traditional society', which is about the inception of the business when it's typically a small enterprise focusing on surviving the entry into the market.
- Survival of the Fittest - This can be seen as akin to 'Stage 2: Preconditions for take-off', where the business has established its place in the market but must make strategic decisions to ensure continued operation and possible growth.
- Take-off - This stage relates to 'Stage 3: Take-off', marking a period of rapid growth and expansion, where effective management and investment in resources are pivotal.
- Maturity - This is reflected in 'Stage 4: Drive to maturity'. At this stage, the business has reached a point where growth slows down, and it focuses on maintaining market position and optimizing profitability.
The terms such as 'Entrepreneurship and Economic Growth' and 'Forms of Business Organizations' play a foundational role throughout these stages, encompassing the understanding of how businesses start, grow, and establish themselves in the economy. The employment trends, technological advancements, and competition can be seen affecting the transition from one stage to the next in the business life cycle.