Part of the Entrepreneurial Process in a Competitive Market Economy

question 102

Multiple Choice

Part of the entrepreneurial process in a competitive market economy involves

• A) obtaining governmental control over the market so that a new product has some chance of being successful.
• B) knowing from the start the proper output and price to set for each new product.
• C) choosing the best structure, size, and scope of production for the firm to produce a new product.
• D) knowing in advance with certainty what products consumers will want to buy.

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Definitions:

Accommodation

In cognitive development, the process of modifying existing cognitive schemas, perceptions, and understandings to incorporate new information.

Sensorimotor

Relating to or involving both sensory and motor functions, or the stage in Piaget's theory of cognitive development (from birth to about 2 years) where infants learn through sensory and motor interaction with the world.

Primary Circular Reactions

Early infantile behaviors that repeat because the infant finds them pleasurable, occurring in the sensorimotor stage of development.

Secondary Circular Reactions

Repetitive behaviors centered around the infant's own body, typically developed between 4-8 months of age, which indicate a growth in sensory and motor skills.