ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 3, Problem 2.5P
To determine
The Effect of industrial revolution on the firms and the type of business organizations before this advent.
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What is the following explain why the United States has historically had a large number of entrepreneurs?
How have the costs of entrepreneurship changed over the past decade? What forces are behind these changes? What does this mean for the future of entrepreneurship?
“It’s not in the company’s interests . . . ’’ “The company thinks that . . . ’’ “From the company’s viewpoint . . . ’’ “As far as the company is concerned. . . ’’—all of us have heard, perhaps even used, expressions that treat a business organization like a person or at least like a separate and distinct entity. Capitalism permits the creation of companies or business organizations that exist separately from the people associated with them. We take the existence of companies for granted, and some experts go so far as to say that the company is “the most important organization in the world.’’ Do you agree that companies exist in their own right and are the most important organizations in the world today?
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- How do economies of scale affect business models in manufacturing industries, and how can smaller companies compete with larger, more established firms?arrow_forwardSelect one of the mergers and acquisitions below. Consider whether the merger/acquisition was about scope or scale economies. Sirius XM acquired Pandora. Explain how economies of scale and scope differ. Describe how growth in the case you selected is created from either an economy of scope or scale.arrow_forwardWhy do firms exist?arrow_forward
- Why is most business activity conducted today in hierarchical organizations rather than in markets?arrow_forwardWhat factors caused American business to develop into mixed economic system rather than any other type of economic system?arrow_forwardwhat was the economic and managerial legacy of the Industrial Revolution? what were the challenges?arrow_forward
- What impact do sewing robots have on capital per worker and human capital per worker? What impact does technology have on the use of capital and human capital?arrow_forwardI do not fully agree that companies exist entirely in their own right or are unequivocally the most important organizations in the world. While companies are legally distinct entities that can own assets, make decisions and be held accountable, they are still comprised of and directed by individuals. At their core, companies only exist as a means to coordinate economic activity among people. There are reasonable arguments that companies play a hugely influential economic and social role globally. However, I would hesitate to say they are unambiguously more important than organizations like governments, non-profits or international institutions that are focused on issues like human rights, health, education and environmental protection. Companies operate to generate profit and shareholder value, which does not always align with the broader interests of society. Therefore, other organizations are still needed to regulate markets and address challenges that private industry may not…arrow_forwardExplain briefly how you can be an entrepreneur and not merely a businessperson.arrow_forward
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