Chapter Two Economics: The Framework for Business Review Questions 1. How did the global economic crisis unfold? In 2008 the banking system was on the verge of collapsing. Home foreclosures soared, due to home and personal loans not being paid off. Property and the housing marketing plummeted. Layoffs put more than a million Americans out of work 2. What steps did the Federal government and the Federal Reserve take to mitigate the crisis? The Federal Reserve stepped in and bailout out AIG Congress passed the Troubled Assets Relief Program The American Recovery and Reinvestment Act was signed by Congress Treasury Department spent money on an auto industry 3. Compare and contrast microeconomics and macroeconomics. …show more content…
Describe the 4 degrees of competition within the free market system. Offer 2 to 3 examples of each type of competition. Degree of competition Examples Pure Competition The seller has the option to accept any price for the product, regardless of the generally accepted price. Monopolistic Competition Identical products are sold, but brand loyalty is created so the consumer will keep on buying the product. Oligopoly The petroleum and telecommunication markets, the automobile industry, and the bank system Monopoly Say if Comcast was the only cable television provider in your area. If you want cable, you have no choice but to go to Comcast and because of this they can charge anything they want 7. Why does quantity supplied tend to increase when prices go up and decrease when prices go down? Why does quantity demanded move in the opposite direction? As the supplier tries to increase production, more workers need to be hired. At first, these workers are very productive. But, as the number of workers increase, average costs rise. The pool of workers becomes restricted, meaning that additional workers are not as productive as the first hires. Average costs tend to rise as production increases. This is captured by a supply curve that is upward sloping. 8. Describe the key principles of socialist and communist economic systems. Does more government control mean less economic opportunity? Why or
Separating from your spouse or civil partner can be very stressing and hectic. Godivorce.co.uk will help you in tough and emotional times. Our services are tailored for divorce involving; Married & Unmarried Couples, Civil Partnerships, Injunctions and Children.
There`s a legal framework regulates the way that personal information is collected, stored, processed and distributed. Businesses creating and distributing documents rights, confidential information of the individuals must be respected. If the business didn’t they would lose their customers.
If you want to export goods to a particular country, make sure they have a need for your particular services or product. Most international businesses find multiple countries or locations that have a need for these items in order to ensure a steady and profitable revenue stream.
The provision and use of personal protective equipment could include using gloves, glasses, earmuffs, aprons, safety footwear, dust masks.
There are several different types of business ownership which are most commonly used in business’ and company’s today, these include; Co-operative which is a business owned by its employees, Partnership which is a business owned by between 2 and 20 people, Private limited which is a business owner by a small groups of people who have shares and a Public limited business is owned by private individuals by shares bought and sold on the stock market. A charity is a business with the purpose to help the public, the government is a business owned by the government and lastly a sole trader which is a business owned by only one person.
Change is the most crucial aspect of management. In a rapid competitive business environment, change is not only recurrent but also becoming complex. The case study Bega Cheese highlights how the firm has achieved change management from satisfying the needs of local market to being limited company of more than 50 countries globally. Through the case study, it is seen that Bega Cheese has undergone different stages of change process by implementing various effective cultural perspectives, to traditionally organizational designs concerning with structures and new forms, processes and boundaries to adapt to organizational change and eliminate resistance to change. Change is inevitable, and vital to achieve strategic objectives and competitive
Confidentiality at workplace is important because it shows that there is trust between yourself and your colleagues. At the beginning of your employment you will sign a contract of confidentiality to make sure what is said in the office doesn’t leave the office. Also it is part of the database protection act. The benefits of confidentiality are that you know whatever is said within the office environment treated with the strictest confidence and also it means you are able to have a level of trust within the office and also with your colleague.
There are many different paths people can take throughout their lives. In the novel, Fifth Business by Robertson Davies, the main character, Dunstan Ramsey, takes the path of the Canadian hero. There are many different steps to be taken by the hero and Dunstan Ramsey follows his path by completing each step.
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
Traditionally, nutrition programs were targeted to the indigent and poor populations in developing countries. Many of today's Americans are malnourished also, but they are inundated with unhealthy foods and require a multidisciplinary approach to nutrition education. What would be the three most important points to include in a public nutrition program? Provide current literature to support your answer and include two nutritional education community resources.
M1 - Compare the purposes of the different documents used in the selection and recruitment process
Price discrimination is where a firm changes different consumers different prices for the same service.
Difficult to define, ethical responsibility is the ability to recognize, interpret and act upon multiple principles and values according to the standards within a given field and/or context (Investopedia LLC., 2015). Social responsibility is the concept that businesses develop a positive relationship to the society and environment, which they operate; and not focus, solely on maximizing profits (Stan Mack, 2015).
2. What are some of the anti-competitive behaviours SesamWare might be guilty of? How did/might SesamWare’s behavior adversely affect free market competition upon which international trade depends? ( 5 Marks)
The structure of this assignment is comprehensive and integrative. It requires synthesis and evaluation of information, skills and knowledge developed throughout the BS program at KBCOB. This 8 week assignment (introduced the 1st week of the class) will serve as a culminating project.