Beginning a New Business Is Easier Than Buying an Existing

question 69

True/False

Beginning a new business is easier than buying an existing business or franchise because you can do everything right the first time.

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Definitions:

Production Possibilities Curve

A graphical representation showing the maximum combination of goods or services that can be produced with a fixed amount of resources.

Opportunity Cost

The price paid for not selecting the immediate alternative choice while deciding.

Production Possibilities Curve

A graphical representation showing the maximum combinations of goods or services an economy can produce given its resources and technology.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision.