Explain how entrepreneurs can add value to scarce resources, and what signal they use to determine whether or not they are succeeding in doing so.
What will be an ideal response?
A scarce resource is something of value that can be used to make something else or to fill a need. The French economist Jean Baptiste Say wrote at the turn of the 19th century: "The entrepreneur shifts economic resources [like wood or coal] out of an area of lower and into an area of higher productivity and greater yield." By doing this, Say argued, entrepreneurs add value to scarce resources.
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Strictly speaking, a (n) ________ is an entry strategy for a single target country in which the partners share ownership of a newly created business entity
A) acquisition B) licensing C) franchising D) joint venture E) exporting
Which of the following should be included in an accountant's standard report based upon the review of a nonpublic entity's financial statements?
A. A statement that the review includes a study and evaluation of the internal controls of the entity. B. A statement that a review consists principally of inquiries and analytical procedures. C. A statement that a review is substantially greater in scope than a compilation. D. A statement that the review was performed in accordance with generally accepted audit standards.
The two major methods for salespeople to increase their sales volume are by improving selling effectiveness and:
A) spending more time in actual selling situations B) dispensing with tedious recordkeeping C) saving time with telephone calls D) developing a series of personal goals E) increasing prospecting activities
Describe "customer incentive to purchase" and explain how a supplier firm can take action to increase it
What will be an ideal response?