What are the non routine decisions of entrepreneurs that involve substantial financial risk?
What will be an ideal response?
First, entrepreneurs are responsible for establishing the firm’s strategy for obtaining and using resources to produce a good or service. Second, they make decisions about how to develop a new product and the production processes to be used. Third, they assume the responsibility for the financial risk related to the success or failure of the firm.
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If orders exist in large volume, then the market has
A) depth. B) breadth. C) resiliency. D) None of the above.
In game theory, we usually assume that all players
A) act rationally. B) use the information available to them to decide on a best strategy. C) know about the payoffs of the other players. D) All of the above.
Which of the following is a positive statement? a. The average high temperature in Miami, Florida in February is lower than the average high temperature in Chicago, Illinois. b. An increase in cigarette smoking will lead to a decrease in the likelihood of getting lung cancer
c. 30 minutes of exercise three or more times per week will decrease the occurrence of heart disease. d. all of the above
In a market economy, government decides the answers to the three economic decisions
a. True b. False Indicate whether the statement is true or false