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?

Question

(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
To engage in a market economy with minimal interference from government

Answer 1

James and Jamal should take time to learn about economics before opening their store to gain a better understanding of uncontrollable sources that could impact their business. Understanding economic principles can help them navigate challenges such as market demand, competition, and broader economic trends that can influence their sales and operations.