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Business

What to Produce, How to Produce and For Whom to Produce

What to Produce, How to Produce and For Whom to Produce

ADVERTISEMENTS:The Central problems of what and how much to produce; how to produce and for whom to produce are determined by the free price mechanism. (i) What to Produce:Let us consider the first question: ‘which commodities are to be produced and in what quantities? The commodities which do not command positive prices in the market…

A Step by Step Guide to Starting a Business

A Step by Step Guide to Starting a Business

Shutterstock/FlamingoImages You want to make sure you prepare thoroughly before starting a business, but realize that things will almost certainly go awry. To run a successful business, you must adapt to changing situations. Conducting in-depth market research on your field and the demographics of your potential clientele is an important part of crafting a business…