Introduction to Business Essay

1478 Words Sep 9th, 2013 6 Pages
Review Questions

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?
Factors that contribute to the rapid pace of change in business are Natural Resources, Capital, Human Resources, and Entrepreneurship. It is said that it will likely accelerate over the next decade because of the economic stimulus package designed to not only create jobs, but also to build infrastructure.

2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth
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A nonprofit organization is an organization that does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals. Therefore, people involved with NPO's do not make money for themselves. Any money made by an NPO in the U.S. can be viewed on the organization's 990 forms, which are required to be made available to public.

5. What are the factors of production? How can economies grow when one or more of the factors is weak?
"Factors of production" simply is a term used by economists to describe all that goes into making a consumer product. This would include all labor, land, capital, and time needed to make a product plus all of what it takes to distribute it. In the general sense, "factors of production" are never weak, though it is possible for specific factors employed to make specific products to be in short supply. In such circumstances, producers probably would try to offer a substitute for which critical factors were more available. Such products probably would not be as good as the product they replaced, but the economy as a whole still would continue to grow, especially in the face of continued saving and investment.

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.
Revenue
Small-business revenue depends on several factors, such as pricing power, competition and product quality. A

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