____________________ Appear at the End of a Section Or,in Case

question 9

Short Answer

____________________ appear at the end of a section or,in case of a document without sections,at the end of the document.

Understand the concept of entrepreneurship as a process and its unpredictable and uncertain nature.

Recognize the role and impact of social entrepreneurs in addressing social and environmental problems.

Comprehend the concept of franchising and its implications for entrepreneurs.

Distinguish between entrepreneurial and managerial thinking.

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Definitions:

Marginal Cost

The augmentation in cumulative costs linked with generating an extra unit of a product or service.

Average Cost

The overall expense of manufacturing split by the quantity of units made.

Rate of Return

The increase or decrease in value of an investment throughout a determined period, shown as a percent of the investment’s initial cost.

Natural Monopolies

A market situation where a single supplier, due to unique resources, technology, or economies of scale, can provide a product or service at a lower cost than any potential competitor.