Sarah Has Started Her Own Candy Company

question 52

True/False

Sarah has started her own candy company. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Sarah is an example of an entrepreneur.

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Definitions:

Market Wage

The prevailing rate of pay for workers in a specific market, determined by the supply of and demand for labor.

Leisure

Free time available to an individual when not engaged in work or essential activities, often used for relaxation or recreational activities.

Pareto Efficient

An allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.

Trade

The exchange of goods, services, or both between two or more parties, either within the same country or internationally.