According to the Chapter, into What Type of Opportunity Should

question 24

Multiple Choice

According to the chapter, into what type of opportunity should a business idea translate?

• A) Realistic
• B) Easy to implement
• C) Attractive
• D) Unique
• E) Technologically advanced

Recognise the importance and application of human, technical, and conceptual skills in management.

Explain the significance of developing strong interpersonal relationships within the workplace for effective management.

Discuss the process and importance of measuring work performance and taking corrective actions.

Understand the continual need for personal and professional development for career success.

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Definitions:

Capital Investment

Funds expended by a business to acquire or upgrade physical assets such as property, industrial buildings, or equipment.

Robinson Crusoe

Used in economics as a metaphor for the study of decision making by individuals in solitude.

Sacrificed

Sacrificed refers to giving up something valued for the sake of other considerations or needs, often in the context of making difficult decisions.

Opportunity Cost

The value of the next best alternative that is foregone as a result of making a decision.