"This Business Will Create a Caring, Learning Environment for Elementary

question 173

Multiple Choice

"This business will create a caring, learning environment for elementary school children after regular school hours to meet the needs of working parents." This statement answers which of the following issues that should be addressed in a business plan?

• A) How much will the new business cost?
• B) Why is this new business a good idea?
• C) What are Cindy's goals for the business?
• D) What is the nature and mission of the business?
• E) How often will the business advertise?

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Definitions:

Production Function

A mathematical model that describes the maximum output that can be achieved with a given set of inputs, reflecting the technological relationship between inputs and outputs.

Factors Of Production

The inputs used in the production of goods or services in the attempt to make an economic profit. These include land, labor, capital, and entrepreneurship.

Input

Resources used in the production process to produce goods or services, such as labor, raw materials, and capital.

Output

The amount of goods or services produced by a company, industry, or economy.