To be honest, if you only brought it last week, I'd just check the oil level on level ground, check fuel level, ensure the tank vent is open.. Basically follow the instructions to start and run, then if it doesn't run - take it back, I wouldn't mess with it. If it was second hand, I'd be the first to take it to bits, but it's not.
The run / start Carl mentions is just the choke, which you have identified, economy on/off will just regulate the engine throttle to ensure it's not running full chat with little or no load.
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