Paul and Vivian Have Decided to Create a Harvest Plan

question 35

Essay

Paul and Vivian have decided to create a harvest plan for their landscaping business.They recognise selling the company will affect them since they won't be going to work every day but have asked you for advice on what to expect as to the impact and how to best proceed.What will you say to them?

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Definitions:

Opportunity Costs

The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Equilibrium

A state in a market where supply equals demand, meaning that there is no tendency for the market price to change unless external factors alter supply or demand.

Specializing

The process by which individuals, businesses, or countries focus on producing a limited range of goods or services, to gain a competitive advantage in terms of efficiency, quality, or cost.

Specialization

Refers to the process by which individuals, firms, or countries focus on producing a limited range of goods or services to achieve greater efficiencies.