Chapter 1 Questions for Review and Questions for Analysis.docx

Chapter 1 Questions for Review and Questions for Analysis.docx

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Prof. Sandra Kern BUS-100-3800 January 26, 2016 Chapter 1 Questions for Review Questions for Analysis Questions for Review 1.1. What are the benefits of businesses? Can a business negatively affect society? Some of the benefits of businesses include; businesses make products and services that we buy and use, provide jobs for many people that are willing to work. They also create innovations and provide many opportunities for up and coming businesses who then serve as their suppliers. Profits that businesses make benefit the personal incomes of owners and stockholders and business taxes help to support governments. Some of the ways that a business can negatively affect society is through harming the Earth’s environment and when businesses resort to unethical practices for their own benefit that can affect the general population. 1.2. What are the factors of production? Is one factor more important than the other? If so, which one? Why? The factors of production are information resource - data and other information used by businesses physical resource - items that organizations use to conduct of their businesses entrepreneur – an individual who accepts the risks and opportunities involved in creating and operating a new business venture capital- funds need to operate a business Labor – physical and mental capabilities of people as they contribute to economic production In my opinion I don’t necessarily think that one factor is more important than the other because in order to have a successful business venture, you need all of these factors since they all seem important and each contribute to having a successful business.
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