A Typical Horizon for Long-Term Planning Is Five Years

question 8

True/False

A typical horizon for long-term planning is five years.

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Definitions:

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services.

Factor Markets

Markets where productive resources (like labor, land, and capital) are bought and sold.

Product Markets

Markets where final goods or services are bought and sold, as opposed to factor markets where raw materials, labor, and capital are traded.

Entrepreneur

A person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it into a successful business.