Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 13, Problem 11P
To determine
The entrepreneurial ideas an individual possess and how these ideas can help contribute to the economy
Concept Introduction:
Entrepreneurship: The study of how organizations are created and this is the capacity of an individual to develop, organize, innovate and manage a business venture by taking on financial risks in the hope of earning profits.
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Question-2) What is the name of the
ideas that can be transformed into
products and services that will provide
value to the customer, profit to the
entrepreneur, benefit to the society.
a) Creativity
b) Business idea
c) Innovation
d) Innovation
e) Entrepreneurship
(describe) 3 ways in build an economy based on the principles of sustainability,
What are the advantages of forming a business partnership over a sole proprietorship? (multiple choice)
a.
Partners in business generally get along very well.
b.
If the business fails, the partners normally share responsibility for the loss rather than assigning it to one person.
c.
One partner can work on one component of the business, while the other partner can work on another.
d.
Partnerships are relatively easy to start up
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