James and Jamal should take time to learn about economics before opening their store primarily to gain a better understanding of uncontrollable sources that could impact their business. This knowledge will help them navigate market demand, competition, pricing strategies, and external factors that might affect their operations and profitability, allowing for informed decision-making and reducing potential risks.
James and Jamal are eager entrepreneurs hoping to open a used video game store in their town. Why should they take time to learn about economics before opening their store? (1 point) Responses To participate in a voluntary exchange with consumers within the market economy To participate in a voluntary exchange with consumers within the market economy To implement the factors of production as a basis for producing goods and services To implement the factors of production as a basis for producing goods and services To gain a better understanding of uncontrollable sources that could impact their business To gain a better understanding of uncontrollable sources that could impact their business To engage in a market economy with minimal interference from government.
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