When Creating a New Business,the First Step Is To

question 65

Multiple Choice

When creating a new business,the first step is to:

• A)write a business case or plan.
• B)acquire financing needed to make the business successful.
• C)investigate all existing opportunities.
• D)identify a consumer or business need that isn't presently being met.

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Definitions:

Output

The total amount of goods and services produced by an economic system or by a firm.

Marginal Benefit

The boost in satisfaction or utility received from consuming one more unit of a good or service.

Efficiency Loss

The reduction in economic efficiency due to factors like market distortions, resulting in resources not being allocated optimally.

Deadweight Loss

refers to the loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved, leading to a reduction in total societal welfare.