An Individual Who Looks for Opportunities and Is Aware of Mobilizing

question 98

Multiple Choice

An individual who looks for opportunities and is aware of mobilizing the resources required for producing new and improved goods and services is called a(n)

• A)decision maker.
• B)entrepreneur.
• C)advocate.
• D)steward.

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Definitions:

Average Variable Cost

The total variable costs (costs that change with production volume) divided by the number of units produced.

Average Product of Labor

The output produced, on average, by one unit of labor, such as one worker or one hour of work.

Marginal Product of Labor

The additional output produced as a result of employing one more unit of labor.

Economies of Scale

The cost advantages that a business obtains due to expansion, where the average cost per unit of output decreases with increasing scale.