1. Time is scarce so Trey must decide whether to buy the car as soon as possible or to keep his position on the team
3. A supply truck
4. Josephine felt she could help students most by improving teachers' skills
6. The ability to produce goods at a lower price
7. Feels the marginal benefit of an extra hour of studying exceeds the marginal cost of not playing basketball.
1. Trey should not take too long to make his decision as time is scarce. If he does, then the price of the car may fluctuate or someone else might end up buying it.
2. Janice is the one who came up with the idea of setting up the business and she is also the risk-taker here. For this reason, she represents entrepreneurship.
3. A supply truck is the capital for a construction company because it is used as an input to deliver the material.
4. Josephine identified the problem that teachers need to be taught better management skills for the sake of students' success.
5. Profit is one of the many major goals of business owners because that amount is used to pay for future business-related needs. It is also important because it keeps the business up and running.
6. Singapore offered lowered rates of production. Although other facilities are better in Michigan the cost of production will increase a lot. Therefore, the ability to produce goods at a lower cost is the opportunity cost.
7. Russel believes that studying extra will make his future bright than playing basketball. Also, the benefits of studying are more than the disadvantages of not playing basketball.
*Acquisition- Here, company buys a whole company, a patent, or a license to produce someone else's product.
*New product development:
Firms create a new product with product improvements, through Research and Development. This new product is a key source of growth to firms or companies and it also creates new solutions for customer's lives.