The Key Ingredient-The Crucial Element-To Avoiding the Failure of a New

question 34

Multiple Choice

The key ingredient-the crucial element-to avoiding the failure of a new business is:

• A)the business plan.
• B)knowing the business.
• C)technical expertise regarding the product.
• D)differentiating the business and product from the competition.

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Definitions:

Import Quota

A specific limit on the quantity of a particular good that can be imported into a country to protect domestic industries from foreign competition.

Protective Tariff

A tax imposed on imports to protect domestic industries from foreign competition by making imported goods more expensive.

Protective Tariff

A tariff imposed on imports to protect domestic industries from foreign competition by making imported goods more expensive.

Domestic Producers

Companies or individuals within a country that manufacture goods or offer services domestically.