Introduction to Business Essay

What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Financial Institutions got a bailout

1. In relation to your current business environment (or one that you are familiar with):

During these times of change business may have to change its orgainsation, operation and its nature to deal with the challenges of each stage in the business life cycle. For business to be successful they must constantly develop and change strategies to deal with the growth of the business or the life of the business may be cut short.

25. The main challenge to ebusiness is the lack of growth in some sectors due to product or service _________.

1. In relation to your current business environment (or one that you are familiar with):

Any business in today's fast-moving environment that is looking for the pace of change to slow is likely to be sorely disappointed. In fact, businesses should embrace change (Richards, 2012). Change is important for any organization because, without it, businesses would likely lose their competitive edge and fail to meet the needs of what most hope to be a growing base of loyal customers.

2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Entrepreneurship can kicks-tart the economy by creating work opportunities for the community. However, the entrepreneurship cannot make it on a community that does not support them. Anyone who has the desire to gain employment and better themselves can gain something from an entrepreneurship. Other parties can befit by letting them in and having freedom of trade and not over taxing.

5) The bargaining power of suppliers: The cost of factors of production (e.g. labor, raw materials, components, and services such as expertise) provided by suppliers can have a significant impact on a company's profitability. As such suppliers may refuse to work with the firm or charge excessively high prices for unique resources.

Identify a change that your selected business or organization is going through or will go through in the near future. This could be a product, technology, people, or culture change.

What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?

Some of these factors are, if there is competition in the same category, the amount of goods produced, the demand for the products and more.

There are three primary factors influencing labour productivity: capital intensity, composition of labour, and multi-factor productivity. The first term refers to the ratio of fixed capital to alternative factors of production (primarily labour), while

These factors can be far more complex than most people realize. One major factor is the people themselves. By being employed and producing goods and services, people raise the nation’s GDP. GDP is the combination of all goods and services produced by a given country. ¨Total nonfarm payroll employment rose by 156,000 in December...¨(Bureau of Labor… 1). This also directly affects the economy, as GDP is what determines if an economy grows or shrinks in a given time frame. Another major factor is capital formation. Capital formation is the producing and acquiring of man made products, such as power, land, and building. This factor will increase the capital per worker, which increases productivity, ultimately leading to an increase in the output and growth of the economy. Another factor is technological development. The United States is a major technologically advanced country, resulting in a high GDP from production. With constant technological advancements being made, our production will continue to increase over time. The factors of whether the economy will be growing or shrinking are complex and are

1. In relation to your current business environment (or one that you are familiar with):

This can be measured by the following formula; Per capita nominal GDP = Nominal GDP / Population, Per capita real GDP = Real GDP / Population. Seven factors determine economic growth. Natural resources such as land, mineral deposits, waterways; climatic conditions provide an essential foundation to economic growth. Combined with the other resources of capital, labor and enterprises, natural resources can be developed and organized to increase the productive capacity if the nation. Consequently the quality and size of the labor force is a major determinant of economic growth. Education and vocational training are essential the growth potential of a nation. The promotion of education and job training schemes increase the knowledge, skills and flexibility of the workforce that contributes to potentially higher levels of productivity and efficiency. Whether from natural increase or immigration population growth can cause a higher level of economic growth. An increasing population requires increased public spending on housing, education and other social needs while businesses expectations of