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Distinguish Between a Small Business and an Entrepreneurial Venture

question 37

Essay

Distinguish between a small business and an entrepreneurial venture.


Definitions:

Total Output

The aggregate amount of goods and services produced by an economy over a specific time period.

Marginal Revenue Product

The increased earnings obtained from utilizing an extra unit of an element, such as labor or capital.

Input

refers to the resources, materials, or labor used in the production of goods and services.

Units

Basic quantities or measurements used to express variables in various contexts, such as items, people, or currency.

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