Related questions
Why is business so important to a country's economy?
2. In what ways are not-for-profit organizations a substantial part of the U.S. economy? What unique challenges do not-for-profits face?
3. Identify and describe the four basic inputs that make up factors of production. Give an example of each factor of production that an auto manufacturer might use.
4. What is a private enterprise system? What four rights are critical to the operation of capitalism? Why would capitalism function poorly in a society that does not ensure these rights for its citizens?
5. In what ways is entrepreneurship vital to the private enterprise system?
6. Identify the seven eras of business in the United States. How did business change during each era?
7. Describe the focus of the most recent era of U.S. business. How is this different from previous eras?
8. Define
9. Identify the major changes in the workforce that will affect the way managers build a world-class workforce. Why is the knowledge economy so important?
10. Identify four qualities that managers of the 21st century must have. Why are these qualities important in a competitive business environment?
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- 1. According to Paul Hawkins, why is it no longer plausible for corporations to pursue the maxim that the business of business is business? 2. What must be done by corporations, government, and individuals to create a sustainable economy? 3. How would the adoption of sustainable measures benefit business and society?arrow_forward1. Think of some new products, or techniques of production, that have been developed over the last few years. What old products did the new products displace? Which companies are leading the development of new technology? 2. Why would the functioning of capitalism tend to result in the equalization of profit rates? What offsetting tendencies are there? What do we know about which tendencies will prevail? 3. What are the three major forms of capitalist competition? Discuss each, making specific reference to their impacts on the determinants of the profit rate. 4. In what ways do larger firms have an advantage over smaller firms in their ability to make profits?arrow_forwardIn your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why is it that an entrepreneur with seemingly selfish motives can create benefits for the larger society? Why is this a benefit that arises from capitalism and not from other economic systems?arrow_forward
- A) Despite a booming economy and low unemployment rates researchers have often found declining social mobility and growing income inequality. Discuss at least 4 reasons for this outcome. B) What is the relationship between business and society ?Describe ways in which business and society are part of an interactive system.arrow_forward1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?arrow_forward1. The film elaborates and mocks ideological justifications for capitalism. What were some of the claims for why capitalism is so good?arrow_forward
- A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won& buy it because they done like the taste. From an economic perspective, the company should.......... keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.arrow_forwardSome large hardware stores such as Home Depot boast of carrying as many as 20,000 different products in each store. What motivated the producers of those individual products to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? Who decides whether these particular hardware products should continue to be produced and offered for sale?arrow_forwardQuestion 9: Doctrow uses the following terms to describe; People who make creative works A Audiences B Intermediaries C Creators D Investorsarrow_forward
- Economic systems differ according to which two main characteristics? Select one: A. the technology used in production and the quantity and quality of natural resources B. the political system in place and the degree of scarcity facing the economy C. who owns the factors of production and the methods used to coordinate economic activity D. how goods are produced and who gets themarrow_forwardDiscuss wether the sale of state owned enterprises will benefit an economy. Must use examplesarrow_forwardWhat is the production possibilities frontier? A. a map that shows areas of the world in which capitalist production is highest B. a map that shows the frontier beyond which technological innovation is unprofitable C. a graph that shows the various combinations of resources that can be used to produce a given level of output D. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technologyarrow_forward
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co