Problems Faced by Small Scale Industries

Many people want to live the “American Dream”, and what better way to do that than to start a small business. Small businesses are incredibly important to the United States economy. Small businesses have been around from the beginning of the history of the U.S. and remain a large portion of the business community today. Small businesses are the driving force for job creation. Small businesses struggle to meet regulations set in place by the government and at the same time stay afloat in the U.S. economy. There are strict size standards set in place that make small business owners weary of expanding the amount of people they employ. Small business owners also struggle with offering healthcare to their employees. Small businesses try to stay ahead by introducing new and unique products. In an ever-changing economy, it is important to understand the impact of small businesses in the United States.

1. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is ( )

2. On the course website is an Excel file that contains demand and forecast data for a

4. demand is at its highest as long as product segments are within the circle

Representatives whose quality performance for the previous quarter falls in the middle third of the population will be placed in Tier 2. This group will receive approximately 5 - 10 quality evaluations for the quarter.

Explain the corresponding impact on total revenue for each of the three price ranges identified in part G.

Small businesses are the backbone of national economy and play a leading role in innovations as well as in creating jobs. Small business has the intrinsic needs to growth. Obvious contributions of the growth of small businesses include the increased return on investment and job creation. The interesting and valuable question is how small business grows and are all small businesses growing? It is no surprise that the growth of business is a core topic both in organization theory and entrepreneurship, both are interested in the process and causes of business growth. Stages of growth models, which assume that business go through some distinct stages from birth to maturity, have been the most popular theoretical approach in academic to understand small business growth. Although the stages model of growth has been criticized for being too sequential and linear which is unrealistic and inconsistent with empirical evidence (e.g. Phelps et al., 2007; Levie and Lichtenstein 2010), various new stages models of business growth have been developed since the 1960s.

____ 16. If two goods are ____, then an increase in the price of one leads to ____ in the quantity demanded of the

The law of demand is graphically demonstrated by a(n) a.perfectly vertical demand curve.b.perfectly horizontal demand curve.c.downward-sloping demand curve.d.upward-sloping demand curve.e.curved demand line. ANS

The new owner of a beauty shop is trying to decide whether to hire one, two, or three beauticians. She estimates that profits next year (in thousands of dollars) will vary with demand for her services and has estimated demand in three categories low, medium and high.

Problem #2.” (To make your life easier, optimal stocking quantity, Q, is computed by the

Using the sample data given in Table 2-20, make a recommendation for how many units of each style Wally should make during the initial phase of production. Assume that all of the 10 styles in the sample problem are made in Hong Kong and that Wally’s initial production commitment must be at least 10,000 units. Ignore price differences among styles in your initial analysis.

From the interview with Ms. Lim, the managerial will rank their employees according to their relative level of performance. The employees will be call upon into the office by their own manager or even supervisor, and will be interviewed accordingly. Ranking is done on an annual basis during the annual planning cycle, which takes place worldwide during Quarter 1. There are three rank categories and a performance category for employees who are not ranked because they are not consistently demonstrating the performance expected of those in similar positions. The rank categories are:

initiative is to attract outside capital, given the lack of collateral and sufficient cash flows and the

The importance of small and Micro Enterprises (SMEs) in the economy of any country cannot be overlooked. In fact for nearly 15 years, most researchers dealing with economic planning have highlighted the significance of these enterprises stating that they are a key player in realizing any country’s economic goals. As such, governments as well as other organizations with interest in development are laying plans and strategies to promote the establishment of Small and Micro Enterprises. This is seen as a move to ensure that there is full participation of SMEs in the country’s economy. The Small and Micro Enterprises have been known to contribute to a large extend as a source of innovation, entrepreneurial skills as well as source of employment. For example, statistics in 25countries of the European Union show that 99% of the jobs provided to its citizens come from the micro, small and medium-sized enterprises. Rowe (2008) points out that the British economy relies heavily on the participation of SMEs. On the other hand, 99% of the UK’s economy is composed of small and micro enterprises.