Examlex
Opportunity recognition is the process of identifying and selecting Entrepreneurial opportunities. It does not involve the development of those ideas.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
Quantity Demanded
Quantity demanded is the amount of a good or service consumers are willing and able to purchase at a specific price level within a given time period.
Price
The amount of money required to purchase a good or service, determined by factors like supply and demand, production costs, and market competition.
Normal Good
A type of good for which demand increases when consumer income rises and decreases when consumer income falls.
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