In the Middle of the Twentieth Century, Educators Fought Hard

question 7

Multiple Choice

In the middle of the twentieth century, educators fought hard for teaching to be accepted as a profession much in the same way as . . .?

• A) Plumbing
• B) Medicine
• C) Law
• D) Policing

Recognize the significance of strategic, entrepreneurial, and financial leadership in the growth of a business.

Understand the concept of first-mover advantage and its impact on business success.

Recognize the importance of a business plan and the key components it should contain.

Identify the different forms of business ownership and the legal implications of each.

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Definitions:

Adam Smith

An 18th-century Scottish economist known as the father of modern economics, best remembered for his theory of the invisible hand.

Wealth Of Nations

A seminal book by Adam Smith, published in 1776, that discusses what builds nations’ wealth, emphasizing the importance of a free market economy.

Virtues

Moral excellence and righteousness; qualities of character that are deemed to be morally good or desirable in a person.

Market System

In this economic order, the strategies for investment, production, and merchandise distribution are dictated by supply and demand trends, with a free-market policy guiding the pricing of all goods and services.