The Savvy Entrepreneurial Firm Feature in Chapter 2 Focuses on a Technique

question 48

Multiple Choice

The Savvy Entrepreneurial Firm feature in Chapter 2 focuses on a technique through which entrepreneurs can learn about emerging trends. The technique focused on in the chapter is ________.

• A) online databases
• B) newspapers and magazines
• C) targeted Internet searches
• D) social media
• E) radio and television

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Definitions:

Labour Hour

A measure of work effort, typically used in costing to allocate overhead based on the number of hours worked.

Competitive Bidding

The process where various suppliers or contractors submit their bids to win a contract, often used to ensure fairness and value in public and private procurement.

Sealed Bid

A method of bidding where all bids are submitted sealed and opened at an appointed time, ensuring that no bidder knows the amount of the other bids during the bidding process.

Contractor Selection

The process of evaluating and choosing the most suitable contractor for a specific project based on criteria like price, quality, and reliability.