The Savvy Entrepreneurial Firm Feature in Chapter 13 Focuses on Timbuk2

question 2

Multiple Choice

The Savvy Entrepreneurial Firm feature in Chapter 13 focuses on Timbuk2, a company that makes urban shoulder bags. The lesson provided by the feature is:

• A) its better to have mostly variable costs rather than fixed costs
• B) its more important to bag the right customer rather than the biggest one
• C) market leadership is the key to a successful growth strategy
• D) its important to have a scalable business model
• E) continually growing profits is very challenging

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Definitions:

Industrial Revolution

A period of major industrialization that occurred during the late 1700s and early 1800s, leading to significant changes in technology, economies, and society.

Productivity Growth

The increase in the efficiency of producing goods and services, typically measured as the output per unit of input over time.

World Output

The total economic production of goods and services by all countries in the world over a given period.

LDCs

Less Developed Countries, nations with low levels of industrialization, low income per capita, and generally poor standards of living.