As Depicted in the Timmons Model,the Entrepreneurial Process Can Be

question 27

Short Answer

As depicted in the Timmons Model,the entrepreneurial process can be appreciated as a constant balancing act,requiring continual assessment,revised strategies and tactics,and a(n)_____ approach.

---

Definitions:

Total Fixed Cost

Total fixed cost refers to the sum of all costs required to produce any output in which these costs do not change with the level of output.

Total Variable Cost

The total of expenses that vary directly with the volume of production or sales, such as materials and labor.

Average Total Cost

The sum of all production expenses, both fixed and variable, divided by the total quantity of units manufactured.

Average Fixed Cost

The fixed cost per unit produced, calculated by dividing total fixed costs by the number of units produced.