1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Capital, natural resources, human resources, entrepreneurship, and technology. Yes they will accelerate, all of these items are needed for a business to continue
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 is the main ingredient for a healthy economy. Everyone stands to gain form a strong economy. With more people working the economy grows.
3. When did American business begin to concentrate on customer needs? Why? Doing the Marketing Era and the Relationship Era companies concentrating on consumer needs and differentiate themselves from their competitors.
4. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses? Nonprofits companies are business like establishments, but their primary goals do not include profits. They produce goods and services and they employ about 10 percent of our work force
5. What are the factors of production? How can economies grow when one or more of the Factors is weak? Natural Resources, Capital, Human Resources, and Entrepreneurship. These factors are needed to thrive but it can still grow.
6. What are the 5 dimensions of the business environment? Discuss the key elements in each area as they relate to U.S.-based businesses.
Dimensions of Business Environment
| Key Elements
| Fair Business Act…contracts, enforcement, fair competition, debt, corruption, and bribery
| Global competition, customer satisfaction ,quality, and value
| Tools that business can use to become more efficient and effective.
| Embodies the values, attitudes, customs,...
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