First, we need to understand these types of economies.
Command economy - controlled centrally by a government
Market economy - decisions are determined by the market
<span> Traditional economy - decisions are based in customs and traditions
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Business decisions are influenced by consumer demand.------ M
Change happens slowly. ------ T
Economic growth is not a high priority. ------ T
People choose their careers. <span>------ M</span>
Resources are owned by the government. ------ C
The government makes most business decisions ------ C
Answer:
c) Rick has an external locus of control.
Explanation:
What can challenge Rick in his quest to become a successful entrepreneur is that he has an external locus of control, which occurs when an individual relates events related to their failures or successes to external variables that are not their responsibility, such as fate, luck or bad luck.
The external locus of control can pose a challenge for Rick in the sense that an entrepreneur's success is related to his own personal control and personal efforts to make the business viable and successful in the market. It is necessary for the entrepreneur to understand that there are risks inherent to the business and that a business can work according to their efforts, learning and planning, that is, the entrepreneur and their control and management actions will be responsible for the success or failure of the business, and not just external factors like fate or bad luck.
Answer: See explanation below
Explanation: an increase in the wage costs of steel mills would equate to an increase in the cost of production of steel. This would lead to a corresponding increase in the price of steel as the supply curve moves to the left. If costs go up (wages), less would be produced, sellers are less inclined to supply the same quantity at the current price and this is what shifts it to the left.
Answer:
$45,500 is the correct answer.
Explanation:
