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question 89

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Differentiate between behavior-focused strategies and their applications in entrepreneurship.
Describe the habit loop and its relation to entrepreneurial habits.
Discuss the role of improvisation skills in developing an entrepreneurial mindset.
Understand strategies and principles behind social influence and compliance tactics.

Definitions:

Utility Function

A mathematical representation of a consumer's preference ordering over a set of goods or outcomes.

Consumption

The process of using goods and services to satisfy wants and needs.

Interest Rate

An interest rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan remaining.

Marginal Rate of Substitution

The rate at which a consumer is willing to substitute one good for another, maintaining the same level of utility.

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