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Assignment 1 - How has the definition of diversity changed...

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Busi 1301-021 Assignment 1 - What are the factors of production? How can economies grow when one or more of the factors is weak? There are four factors of production; natural resources, human resources, capitol, and entrepreneurship. If an economy is scarce of natural resources, human resources and capitol, it still has a chance to thrive, but if its citizens are unable to afford to become entrepreneurs then the economy has no new jobs, industry, or money coming in which can severely stunt the growth of an economy. - What are some key strategies for developing a competitive edge in today’s competitive global market? How important is customer satisfaction? Customer satisfaction, value, speed-to-market, employee morale, business technology and the World Wide Web can all be classified as key strategies in a competitive global market. Customer satisfaction is extremely important, it’s what creates loyal consumers who can advertise by word of mouth, and it will bring in new customers which bring in more profit. Without customer satisfaction, there is no loyalty.
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Unformatted text preview: - How has the definition of diversity changed over time? Can a diverse workforce help a company compete more effectively? How? The definition of diversity has changed from just describing differences as racial or ethnic, to now include gender, age and religion. Companies can compete more effectively if they have a diverse workforce by giving the company an innovative advantage and broader customer base. - How has the global free trade movement impacted business? Who benefits? Why? Global free trade has allowed companies to utilize the world’s lowest bidder to service customers or create a product at just pennies on the dollar lowering overhead and increasing profit. Because of global free trade, businesses benefit from greater profits, stockholders benefit from an increase in options value, countries benefit from an influx of income, and the consumers benefit from a less expensive product....
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