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ON THE TEST - ON THE TEST 5 FACTORS OF PRODUCTION this will...

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ON THE TEST 5 FACTORS OF PRODUCTION: this will be an essay question. List them, explain them, give an example of each. Business environment: list, explain, examples. Who is Thomas Carlyle? What’s he about? “Dismal Science” “invisible hand” adam smith Macro vs micro economics Industries that go in and out of business the quickest. Socialism vs capitalism Standard of living vs quality of life Stake holders, balancing the needs of stake holders Different competitions Supply and demand curve and equilibrium Different types of competing in foreign markets, direct investment, franchising, etc o Licencing- using their name and image of the main company. They pay royalties to the main company to be able to use their name and image o Licence manufacturing- contracting with another manufacturer so that they build the same thing for you as they are for another company. Ex. Visio and Panasonic. o Joint ventures- o Foreign direct investment- investing money directly into foreign soil.
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