Unit 1 Review Assignment
Unit 1 Review Assignment
Assignment Questions
Chapter 1 1. Identify and describe the five factors of production. In your opinion, which factor is the most important? Justify your decision.
Labor (Human Resources) Capital Entrepreneur Physical Resources Information Recourses In my opinion Physical Resources is the most important because if you do not have the physical equipment to provide the good or services that you’re selling then u have nothing to offer. I did not say capital because some things you do not need money (capital) to provide goods or services. Some companies these days merely just serve as a middle man for the big company to the consumers so in that case there really no labor or very little. Information …show more content…
* Supply curve- a graph that shows how much that product can be delivered compared to the different price of the product. * Equilibrium price- the price point of where the amount delivered and the amount of wanted are the same. * Gross Domestic Product- measurement of an product and good produce in a nation economy. * Real Gross Domestic Product GDP that has been compensate of currency and price changes * Inflation- when prices of everything rises in the economy 3. Supply and demand affects prices. Identify an instance in which a surplus of a product led to decreased prices. Identify an instance in which a shortage of a product led to increased prices. What eventually happened in each case and explain why it happened.
Pontiac (car automaker) had a surplus of cars due to the fact it couldn’t sell. Dealerships were slashing prices off the cars some up to $10,000 of the original price just to sell. Dealership had more cars than what was demanded. Nobody wanted to buy Pontiac because Pontiac failed to compete with other cars in it in the market and poor advertisement. Eventually Pontiac closed its …show more content…
Social responsibility toward the customer issue I probably would face is a customer who doesn’t want to abide by the rules in regards of paying for allotted time or paying in full when the session is finished. Also a customer that damaged equipment and says they did not damaged it. 6. In what ways do you think your personal code of ethics might clash with the operations of some companies? How might you, as an individual, try to overcome these differences?
My personal ethics clash with one of my previous employers. They would promise unreal deadlines to customer just to keep their business but try to cut corners to meet the deadline. Instead of giving a honest realistic deadline and explaining to why it cannot meet their deadline. I do not like cutting corner because I want to sleep a night knowing I did the job right, especially when it comes to other people cars. As someone once told me “if you wouldn’t let your mother drive away in it then you should let a customer drive away in it either.”
Chapter 3 7. Identify and describe the key components of a business plan. Why is it important for a new start-up to create a business
Assignment Questions
Chapter 1 1. Identify and describe the five factors of production. In your opinion, which factor is the most important? Justify your decision.
Labor (Human Resources) Capital Entrepreneur Physical Resources Information Recourses In my opinion Physical Resources is the most important because if you do not have the physical equipment to provide the good or services that you’re selling then u have nothing to offer. I did not say capital because some things you do not need money (capital) to provide goods or services. Some companies these days merely just serve as a middle man for the big company to the consumers so in that case there really no labor or very little. Information …show more content…
* Supply curve- a graph that shows how much that product can be delivered compared to the different price of the product. * Equilibrium price- the price point of where the amount delivered and the amount of wanted are the same. * Gross Domestic Product- measurement of an product and good produce in a nation economy. * Real Gross Domestic Product GDP that has been compensate of currency and price changes * Inflation- when prices of everything rises in the economy 3. Supply and demand affects prices. Identify an instance in which a surplus of a product led to decreased prices. Identify an instance in which a shortage of a product led to increased prices. What eventually happened in each case and explain why it happened.
Pontiac (car automaker) had a surplus of cars due to the fact it couldn’t sell. Dealerships were slashing prices off the cars some up to $10,000 of the original price just to sell. Dealership had more cars than what was demanded. Nobody wanted to buy Pontiac because Pontiac failed to compete with other cars in it in the market and poor advertisement. Eventually Pontiac closed its …show more content…
Social responsibility toward the customer issue I probably would face is a customer who doesn’t want to abide by the rules in regards of paying for allotted time or paying in full when the session is finished. Also a customer that damaged equipment and says they did not damaged it. 6. In what ways do you think your personal code of ethics might clash with the operations of some companies? How might you, as an individual, try to overcome these differences?
My personal ethics clash with one of my previous employers. They would promise unreal deadlines to customer just to keep their business but try to cut corners to meet the deadline. Instead of giving a honest realistic deadline and explaining to why it cannot meet their deadline. I do not like cutting corner because I want to sleep a night knowing I did the job right, especially when it comes to other people cars. As someone once told me “if you wouldn’t let your mother drive away in it then you should let a customer drive away in it either.”
Chapter 3 7. Identify and describe the key components of a business plan. Why is it important for a new start-up to create a business