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Intro to Business Review: Chapter 1

In: Business and Management

Submitted By jeffl1980
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1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?
Answer: Some key factors contributing to the rapid pace of change in business are the economy and Wall Street. The interest rates and loan terms have greatly changed businesses. It is harder to borrow money, as a small business especially. The job market has also changed businesses dramatically.
I believe the pace will accelerate over the next decade. The economy is recovering from the recession of 2008 and the business are buying and selling again and the unemployment rate is declining.

2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?

Answer: Entrepreneurial enterprises can kick start an economy, creating great opportunity for everyone involved in the building, developing and manufacturing of the product . The downside is that it could force out competing business.

3. When did American business begin to concentrate on customer needs? Why? Answer: Business began to focus on the customer needs during the Marketing era. The reason was more intense competition, which gave consumers more choices. Because of this meeting customer needs became an imperative for business success.

4. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses?
Answer: Their primary goals are not to make profits like businesses but to improve the quality of life of others. They do have a role in the economy because they do still employ and make revenue like businesses and spread nationwide 5. What are the factors of production? How can economies grow when one or more of the factors is weak?
Answer: Factors of production are…...

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