A Detailed Written Statement That Describes the Nature of the Business,the

question 157

Multiple Choice

A detailed written statement that describes the nature of the business,the target market,the firm's competitive advantages,as well as the resources and qualifications of the owner(s) is a(n) :

• A)business plan.
• B)entrepreneurial mission statement.
• C)profit and loss statement.
• D)professional action plan.

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Definitions:

Horizontal Axis

In a graph or chart, the x-axis, which typically represents the independent variable or time scale.

Total Economic Profit

Total economic profit is the difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Profitable Level

Refers to the point at which a business or operation generates revenue exceeding its costs, leading to financial gain.

Output

is the total amount of goods and services produced by an economy, firm, or production process.