The process used by Terry is known as Discounting.
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What is Discounting?</u></h3>
- A value obtained in the future is converted to an equivalent value received right away through the process of discounting.
- Discounting takes into account the relative value of a dollar received now against one received in 50 years, for instance.
- By converting future dollars into current dollars, the discounting process allows for the conversion of units of value over a range of time periods.
- Decision-makers utilize discounting to fully comprehend the costs and benefits of policies that have long-term effects.
Discounting is a method for calculating the gap between current and future values.
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There are six types of business plans:
<span>1. </span><span>Start-up – details the steps to start a new business.</span>
<span>2. </span>Internal - targets an audience within the business
<span>3. </span>Strategic - details company’s goals and how to achieve them, lays out a foundational plan for the company
<span>4. </span>Feasibility - describes the need for the product or service, makes recommendations
<span>5. </span>Operations - are internal plans that consist of elements related to company operations
<span>6. </span>Growth plans.- are expansion plans written for internal or external purposes
If a plan sets long-term goals for an organization it is strategic planning.
Total entrepreneurial activity in the U.S.—measured by the number of people starting and operating new businesses—fell to 12% in 2015, from 14% in 2014, according to a report released Tuesday by Babson College. The drop reverses upward growth in small business activity during the previous four years.
Answer:
Opportunity cost are experienced whenever choices are made
Explanation:
Scarce resources means the shortage or unavailability of resources required for production of goods and services . In fact economists believe that all resources are scarce because of the limit to the availability of factors of production involved in the production.
To manage scarcity , economist came up with the principle of opportunity cost.
Opportunity cost is the cost of the alternative forgone while making a choice.
This means that as a man may not be able to meet up with all his needs due to scarcity of resources , he will need to select the ones that are of utmost importance and forgo the other needs on the list , whichis the opportunity cost of the transaction.
