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Why do businesses exist? - ANSWER - - there is a gap in the market that needs to be filled - To create a living for the entrepreneur - The entrepreneur has a passion for what they are doing - To improve lives e.g. TOMS - sell 1, donate 1 What are a business’s aims? In order - ANSWER - 1. Survival - if economy declines, businesses often come back to this stage 2. Cash flow (liquidity) - a business can meet its debts 3. Profit 4. Growth 5. Social & ethical objectives Do the aims...

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different. - ANSWER - Monopolistic competition Which Congressional Act provided protection for whistle-blowers and required the CEO and CFO to vouch for the firm's financial statements? - ANSWER - Sarbanes-Oaxley Act High tax rates tend to: - ANSWER - discourage entrepreneurship The quantity of a good or service that manufacturers or owners are willing to sell at differen...