From the Chapter on the Characteristics of an Entrepreneur,we Know

question 26

Multiple Choice

From the chapter on the characteristics of an entrepreneur,we know that after the failure of a business entrepreneurs are likely to:

• A) continue starting new ventures.
• B) look for a position working for someone else.
• C) go to work for the government.
• D) try again and fail.

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Definitions:

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than competitors.

Technical Goods

Products designed with a specific technical or functional purpose, often requiring specialized knowledge to use.

Heckscher-Ohlin Theorem

An economic theory stating that countries will export goods that require resources (factors of production) that are abundant and import goods that require resources in short supply.

Trade Flows

The movement of goods and services between countries, often measured in terms of imports and exports.