Shida Has Had Such Great Success with His IT Consulting

question 64

Multiple Choice

Shida has had such great success with his IT consulting company for the last five years that he was able to pay himself a competitive salary within the first 18 months of operation.According to the GEM study,Shida is a/an ______.

• A)potential entrepreneur
• B)nascent entrepreneur
• C)new business owner
• D)established business owner

---

Definitions:

Production Possibility Frontier

A curve depicting all the possible combinations of two goods that can be produced within a given economy when resources are fully and efficiently utilized.

Productive Capacity

The maximum output a firm or economy can produce with the current level of resources and technology, indicating potential growth limits.

Efficiently

The ability to achieve a goal or fulfill a function with the least waste of time and effort; maximizing productivity with minimum wasted effort or expense.

Economic Model

A simplified representation of economic processes, typically using mathematical formulas, to understand and predict economic behaviors.