What Is the First Step in Starting Your Own Business

question 75

Multiple Choice

What is the first step in starting your own business?

• A) a business plan
• B) finding an idea for a new product or service
• C) to determine where the funding will come from
• D) a self-assessment

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Definitions:

Unemployment

The situation where individuals who are capable of working and are actively seeking work remain jobless.

Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.

Ceteris Paribus

A Latin term used in economics to describe the analysis of a condition under the assumption that all other variables remain unchanged.

Scarcity

The basic economic issue arises from unlimited human desires facing limited resources on the planet.