In what ways do entrepreneurs differ from other innovators? In what types of businesses do entrepreneurs and innovators tend to work? How do past successes affect these types of individuals?
What will be an ideal response?
The entrepreneur is an initiator, innovator, and risk bearer. Other innovators are key people involved in the pursuit of innovation, but who do not bear personal financial risk. Entrepreneurs often form small new companies called startups, which are firms that create and introduce a new product or production technique. Other innovators are found within existing corporations. R&D work in major corporations has resulted in technological improvements, often by splitting off units to form innovative firms.
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Assume that you are currently making $15,000 a year as a sales clerk in a department store
At the end of your senior year in college in May you get a job offer from a large accounting firm that won't start until late August of that same year but which pays $45,000 per year. What would you expect might happen to your demand for an automobile and new clothes immediately and why?
If the goods' money prices do not change, an appreciation of the dollar against the pound
A) makes British sweaters cheaper in terms of American jeans. B) makes British sweaters more expensive in terms of American jeans. C) doesn't change the relative price of sweaters and jeans. D) makes American jeans cheaper in terms of British sweaters. E) makes British jeans more expensive in Britain.