End-of-Chapter Material – Questions and Solutions
Business Now: Change Is the Only Constant
What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? -
The factors that contribute are capital, natural resources, human resources, entrepreneurship, and technology. Yes it is likely that the pace will accelerate, all of these items are needed for a business to continue
What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? -
Entrepreneurship allows for the new businesses that create jobs which is the basis of our economy. It drives up the standard of living and leads to a high quality of life.
When did American business begin to concentrate on customer needs? Why? -
After WWII, because customers helped to make companies successful thus leading to the Marketing Era.
How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses? -
Nonprofits provide a service with the ultimate goal which do not include profits. Businesses are always improving to make the most money for their company. Nonprofits play a great part in the economy. They provide jobs and take in revenue, they produce goods and services and contribute in significant ways to our region’s economic stability and growth.
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. An economy can still thrive when one of these is weak, but it does not have as much potential to grow as an economy that has all strong pieces.
What are the 5 dimensions of the business environment? Discuss the key elements in each area as they relate to U.S.-based businesses.
Dimension of Business...
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