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

Determine the effects of taxes on market equilibrium.

Understand the concept of substitutes and how changes in prices affect demand.

Recognize how market expectations influence supply in the present.

Identify how external factors, including governmental policies, affect market prices and quantities.

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Definitions:

Socially Responsible Actions

Business practices that contribute positively to society, encompassing ethical conduct, environmental sustainability, and community engagement.

Stakeholder Groups

Collections of individuals or organizations that have an interest or stake in the success and decisions of a business or project.

Corporate Social Responsibility

The practice by companies to make a positive impact on society and the environment beyond regulatory requirements or direct financial interests.

Costs and Benefits

An analysis or assessment comparing the expected gains and potential drawbacks or expenses associated with a decision or project.