What is "Small" Business? In addition to how a business is organized legally‚ size is also a way to classifying businesses. A small business is generally defined as any independently owned business with fewer than 500 employees that is not dominant in its industry. The Small Business Administration (SBA) is responsible for issuing the specific criteria that render a business a small business. These criteria vary widely by industry. As recently as 2010‚ in an effort to make more businesses eligible
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Assessment (S.B.A.) For students doing the topic: Establishing a Business: Production 1. Description of business – In this part you are required to give a brief description of your intended business. The examiner should (a) The name of your intended business e.g. Xtreme Graphics production (b) The type of business e.g. sole‚ proprietorship etc. (c) What is the proposed business engaging in? E.g. production of local fruit juices (d) The major aims or aims of your business e.g. To
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Foundations of Macroeconomics‚ 5e (Bade/Perkin) Chapter 2 The U.S. and Global Economies 2.1 What‚ How‚ and For Whom? 1) Items that are purchased by individuals for their own enjoyment are called A) consumption goods and services. B) capital goods. C) government goods and services. D) exports of goods and services. E) private goods. Answer: A Topic: Consumption goods and services Skill: Level 1: Definition Section: Checkpoint 2.1 Status: WM AACSB: Reflective thinking
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which in turn makes people think Dubai got so “rich” because of oil. Dubai owes its wealth to the factors of production it uses to be so productive. Although oil is a natural resource attributed to Dubai‚ it is not the most influential in its economy. In fact‚ it is only responsible for a fraction of Dubai’s growth. I think Dubai’s strategic location on the globe counts as a factor of production‚ because without a place to be situated in‚ there would be no Dubai‚ and because Dubai is located on
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interlinked advanced factors and activities: these interrelated links Factors for Competitive Advantage for the countries or regions in Porter’s Diamond are as follows: 1 Factor conditions - such as skilled labor‚ land‚ natural resources‚ capital and infrastructure. Porter argues that the "key" factors of production (or specialized factors) are created‚ not inherited. Specialized factors of production are skilled labor‚ capital and infrastructure. Non-key" factors or general use factors‚ such as unskilled
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makers. | | | | | * Question 2 5 out of 5 points | | | The hard sell or aggressive persuasion designed to separate consumers from their cash emerged during the _____Answer | | | | | Selected Answer: | production era | Correct Answer: | production era | | | | | * Question 3 5 out of 5 points | | | To be successful entrepreneurs must be comfortable risking their money and _____ to start and manage a business.Answer | | | | | Selected Answer: |
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characteristics of an entrepreneur is where is gets difficult. Jean Baptiste Say remarked in the 19th century that an entrepreneur is an economic agent who “unites all means of production” and the possesses the judgement to “estimate the importance of the product‚ the probable amount of demand and the means of its production”. This is a good start but it is Joseph Schumpeter who really focuses on defining the missing characteristics of JB Say’s work. Schumpeter’s work focuses on the need for entrepreneurs
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Firms become competitive through innovation. Innovation can include technical improvements to the product or to the production process. Four attributes of a nation comprise Porter’s "Diamond" of national advantage. They are: factor conditions‚ demand conditions‚ related and supporting industries‚ and domestic rivalry. Factor conditions refers to inputs used as factors of production - such as labor‚ land‚ natural resources‚ capital and infrastructure. Switzerland was the first country to experience
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un-skilled works are consisted of washing the materials and cleaning the bakery (Janitors). Source Of Fixed And Working Capital Fixed capitals are machinery and other thins in the business that long life which are used over and over in the production of goods and services in a business. Fixed capital in this business are: Vans ‚ the building‚ machinery and other equipments. The vans are used to deliver the goods(Bread) from the bakery for sales in and around in the island. Role Of The Entrepreneur
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the concept will help you bring closer to the basic idea of the economy’s problems as well as remedies of such problems. In this unit you will get detailed description of what is an economic system‚ problems of economic system‚ factors of production‚ concept of production possibility curve‚ and the fundamental of allocation of resources in different types of economies. 1.2 AN ECONOMIC SYSTEM Before we further move on we have to know about the sources of economic problems and a brief about the economic
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