Mark is an excellent cook. he does not have any formal training but learned to cook by following the recipes of several famous chefs and his mom. every weekend, he invites friends over for dinner so he can try new dishes and get honest feedback from his friends. mark wants to start his own restaurant someday because he thinks he would be successful and become wealthy. which of adam smith’s ideas made mark think of starting a restaurant?

invisible hand
self-interest
competition
laissez-faire

Match the terms with the appropriate definition. 1. work done for pay job 2. series of related jobs based on knowledge, training, tasks performed, interests, and experience career 3. buying or selling products and services using the internet mediation 4. wage amount after deductions are withheld net wage 5. a way a person chooses to live his or her life e-commerce 6. the people who are both able and willing to work technology 7. unequal treatment of others based on a bias concerning a person’s characteristics such as race, religion, gender, or age discrimination 8. the act of sharing information lifestyle 9. the use of a third party to make suggestions workforce 10. knowledge and tools used to perform tasks communication

Later movers do not face: entrenched competitors. reduced uncertainty over technologies. high growth markets. lower market uncertainty.

Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.