...Business Principles Module 1 March 28, 2015 Darlene Trombka 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? Natural Resources, Capital, Human Resources, Entrepreneurship and Technology all play a factor in rapid change of pace. They are likely to increase because all of these factors are growing rapidly. It is said that it will likely accelerate over the next decade because of the economic stimulus package designed to not only create jobs, but also to build infrastructure. 2) What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? The role of entrepreneurship in the economy is to inspire new business ventures that support wealth building and future prosperity. Entrepreneurs create new business opportunities in all areas of industry; the support the growth and health of a country’s national economy. Without entrepreneurship, a country’s economy may lack innovation, employment opportunities and profits. People risk their time, money and other resources to start and manage a business. But they also give hope to a better workforce. A lot of peple who are unemployed now may find jobs that are more flexible and challenging working for a small business owner. 3) When did American business begin to concentrate on customer needs? Why? American’s started to focus on customer needs...
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...Chapter Two Economics: The Framework for Business Review Questions 1. How did the global economic crisis unfold? Started about 2 decades ago during the time of prosperity. America enjoyed unprecedented growth, our unemployment rate was long. Also, productivity was high, inflation was low, and the real standard of living for an average American rose big time. The American economy jumped up nearly 33% in just 5 years. However, the scene changed for the world when dot.com burst in 2000, followed by 9/11 in 2001. Stock markets dropped, unemployment rose, we feared we were on the brinks of a full blown recession. 2. What steps did the Federal government and the Federal Reserve take to mitigate the crisis? Federal Reserve decreased interest rates by from 6.5% in 2000 to 1.25% by the end of 2002. People could finally afford homes, and borrow money with little to no interest. With people taking the offers, the need for homes when up and then people taking mortgages out on them, the economy began to rise and has continued. 3. Compare and contrast microeconomics and macroeconomics. How do the two approaches interrelate? Use a specific example to explain. Compare- Their careers are the same- economists (general), professors, research, financial advisor. Contrast Macro, is the branch that looks at the economy in a broad sense and deals with factors affecting the national, region, or global economy. Micro, is the branch that looks at the...
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...reasoning, not just a list from the text) 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? 3. When did American business begin to concentrate on customer needs? Why? 4. What are the factors of production? (list with a definition) How can economies grow when one or more of the factors is weak? 5. What are the fundamental elements of the free market/capitalist system? What are the fundamental rights of capitalism? How can businesses thrive within this system? (Explain) 6. Describe the key principles of socialist and communist economic systems. Does more government control mean less economic opportunity? Why or why not? 7. Why do most countries have neither “pure” market nor “pure” planned economies? Is the trend toward the market end of the spectrum likely to continue? Why? 8. What is an ethical dilemma? (define) 9. Think of a time you faced an ethical dilemma at work, at school, or at home. Be sure to choose a situation in which you had to choose between two options, each with negative consequences for you or someone else. What values were involved? What choice did you make? What was the impact on each party involved? Would you make the same choice if you were faced with a similar situation today? Why or why not?re the factors of production? (list with a definition) How can economies grow when one or more of the factors is weak?...
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...Zambia Contact Numbers Alternate Contact Name Relationship Contact Number +260950791952, +260966593043 Mercy Blessings Sister +260966593043 I hereby confirm that the assignment submitted herein is my own original Work. Signature of Student 1 Date: 2/04/2015 Question 1.1.1 According to John Gray in his book, False Dawn: The Delusions of Global Capitalism, 1998: p. 2, he defines Globalization the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. Advances in transportation and telecommunications infrastructure, including the rise of the telegraph and its posterity the Internet, are major factors in globalization, generating further interdependence of economic and cultural activities. The following are the major points he quoted Technology Technological innovation, diffusion, and adaptation profoundly shape firm capabilities, production patterns, and the quantity and quality of employment in a sector. During these discussions, participants distinguished between technological change, a force wholly exogenous to firms and partially exogenous to nations, and technological adoption, which is endogenous to both firms and nations. Because technological change offers the same new strategic possibilities to each firm, it is a potential force for convergence across firms and nations. But because technological adoption determines the actual productive arrangements of firms, it can be a source of either...
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...Chapter 2: Economics: The Framework for Business TRUE/FALSE 1. An economy is both a social and a financial system. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 2. Financial or social systems are not essential to the development of a strong economy. ANS: F DIF: LL1 REF: Page 15 OBJ: 1 3. The study of economics focuses on how people, businesses, and governments choose to allocate resources. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 4. A key economic goal is to provide a deep understanding of past choices that can be used to guide future business decisions. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 5. Economists forecast business needs based on a deep understanding of past choices. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 6. Microeconomics is the study of broad, economy-wide issues such as the unemployment rate, gross domestic product, and inflation. ANS: F DIF: LL2 REF: Page 15 OBJ: 1 7. Macroeconomic conditions impact day-to-day life by influencing variables such as the availability of jobs, the amount of take-home pay households have available after paying taxes, and the buying power of those incomes. ANS: T DIF: LL2 REF: Page 15 OBJ: 1 8. Luke is taking an economics class that focuses on decisions made by individual business firms and consumers. Luke’s class is concerned with microeconomic issues. ANS: T DIF: LL2 REF: Page 15 OBJ: 1 9.. Capitalism is based on private ownership, economic freedom, and fair competition. ANS: T DIF: LL2 REF:...
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...Chapter 2: Economics: The Framework for Business TRUE/FALSE 1. An economy is both a social and a financial system. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 2. Financial or social systems are not essential to the development of a strong economy. ANS: F DIF: LL1 REF: Page 15 OBJ: 1 3. The study of economics focuses on how people, businesses, and governments choose to allocate resources. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 4. A key economic goal is to provide a deep understanding of past choices that can be used to guide future business decisions. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 5. Economists forecast business needs based on a deep understanding of past choices. ANS: T DIF: LL1 REF: Page 15 OBJ: 1 6. Microeconomics is the study of broad, economy-wide issues such as the unemployment rate, gross domestic product, and inflation. ANS: F DIF: LL2 REF: Page 15 OBJ: 1 7. Macroeconomic conditions impact day-to-day life by influencing variables such as the availability of jobs, the amount of take-home pay households have available after paying taxes, and the buying power of those incomes. ANS: T DIF: LL2 REF: Page 15 OBJ: 1 8. Luke is taking an economics class that focuses on decisions made by individual business firms and consumers. Luke’s class is concerned with microeconomic issues. ANS: T DIF: LL2 REF: Page 15 OBJ: 1 9.. Capitalism is based on private ownership, economic freedom, and fair competition. ANS: T DIF: LL2 REF:...
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...ideology of the Democratic People’s Republic of Korea (DPRK) in 1972.1 Although foreign scholars often describe juche as “self-reliance,” the true meaning of the term is much more nuanced. Kim Il Sung explained: Establishing juche means, in a nutshell, being the master of revolution and reconstruction in one’s own country. This means holding fast to an independent position, rejecting dependence on others, using one’s own brains, believing in one’s own strength, displaying the revolutionary spirit of self-reliance, and thus solving one’s own problems for oneself on one’s own responsibility under all circumstances. The DPRK claims that juche is Kim Il Sung’s creative application of Marxist-Leninist principles to the modern political realities in North Korea.2 Kim Il Sung and his son Kim Jong Il have successfully wielded the juche idea as a political shibboleth to evoke a fiercely nationalistic drive for North Korean independence and to justify policies of self-reliance and self-denial in the face of famine and economic stagnation in North Korea. Kim Il Sung envisioned three specific applications of juche philosophy: political and ideological independence, especially from the Soviet Union and China; economic self-reliance and self-sufficiency; and a viable national defense system.3 This paper begins with a discussion of the three key components of the juche ideology – political, economic and military independence – as promulgated by the DPRK. The second section is a discussion of the...
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...Social Inequality Unit 04 [pic] What are Marxist theories of inequality? Learning targets: • Marxism is concerned for the poor and powerless. • It claims that society is in conflict between the rich who control everything and the poor who must work for the rich and gain little in reward for their work. • The rich are able to maintain their position of power through control of the law, the police and other forms of authority. • The rich also control the manufacture of ideas about society through controlling the media and education so poor people are taught to believe that capitalism is a good thing. Key questions (AO1) What is the Marxist view of society? (AO1) What causes inequality according to Marxists? (AO2) What are the strengths of the Marxist view? (AO2) What are the weaknesses of the Marxist view of inequality? Summary of Key Points Karl Marx (1818 - 1883) was an economist, philosopher and journalist who was motivated by concern for workers who were experiencing terrible poverty while all around was great wealth and power. He was a revolutionary who believed in working for a classless society. Marxism was not a powerful force in sociology until the 1960s and 1970s when it formed the basis of a challenge to functionalism. It offered a better account of the divisions of society at that time than functional sociology did. Marxism also triggered many of the ideas that were...
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...modernization? Suisheng Zhao Online publication date: 28 April 2010 To cite this Article Zhao, Suisheng(2010) 'The China Model: can it replace the Western model of modernization?', Journal of Contemporary China, 19: 65, 419 — 436 To link to this Article: DOI: 10.1080/10670561003666061 URL: http://dx.doi.org/10.1080/10670561003666061 PLEASE SCROLL DOWN FOR ARTICLE Full terms and conditions of use: http://www.informaworld.com/terms-and-conditions-of-access.pdf This article may be used for research, teaching and private study purposes. Any substantial or systematic reproduction, re-distribution, re-selling, loan or sub-licensing, systematic supply or distribution in any form to anyone is expressly forbidden. The publisher does not give any warranty express or implied or make any representation that the contents will be complete or accurate or up to date. The accuracy of any instructions, formulae and drug doses should be independently verified with primary sources. The publisher shall not be liable for any loss, actions, claims, proceedings, demand or costs or damages whatsoever or howsoever caused arising directly or indirectly in connection with or arising out of the use of this material. Journal of Contemporary China (2010), 19(65), June, 419–436 The China Model: can it replace the Western model of...
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...ASSIGNMENT ONE: DUE Mar. 30 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? (Your opinion, supported by reasoning, not just a list from the text) I believe the four factors of production contribute to the rapid pace of change in business. I also believe that the five key dimensions of the business environment help in the competitive environment. With this alone the pace is likely to accelerate over the next decade based on examples such as Entrepreneurship is growing so rapidly we can all expect to see a change, however it is honestly hard to tell because there are still unforeseen factors just like the 9/11 attack that helped bring our economy down, what about other factors that cannot be predicted because they are sudden. Overall I do expect to see both an increase and a decrease. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Entrepreneurship plays a very important role. I believe everyone stands to gain. For example, I am thinking of starting my own online boutique. I am creating business for myself however I still will need to create an online site(which is money to the owner of the site I will use) The postal service,(when I have to ship merchandise to the customer) and the wholesale distributor who supplies my goods for profits. 3. When did American...
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...Piao A facsimile of the above statement by Comrade Lin Piao in his own handwriting appears on the previous page. FOREWORD TO THE SECOND EDITION OF QUOTATIONS FROM CHAIRMAN MAO TSE-TUNG (December 16, 1966) Lin Piao Comrade Mao Tse-tung is the greatest Marxist-Leninist of our era. He has inherited, defended and developed MarxismLeninism with genius, creatively and comprehensively and has brought it to a higher and completely new stage. Mao Tse-tung’s thought is MarxismLeninism of the era in which imperialism is heading for total collapse and socialism is advancing to world-wide victory. It is a powerful ideological weapon for opposing imperialism and for opposing revisionism and dogmatism. Mao Tse-tung’s thought is the guiding principle for all the work of the Party, the army and the country. Therefore, the most fundamental task in our Party’s political and ideological work is at all times to hold high the great red banner of Mao Tse-tung’s thought, to arm the minds of the people throughout the country with it and to persist in using it to command every field of activity. The broad masses of the workers, peasants and soldiers and the broad ranks of the revolutionary cadres and the intellectuals should really master Mao Tse-tung’s thought; they should all study Chairman Mao’s writings, follow his teachings, act according to his instructions and be his good fighters. In studying the works of Chairman Mao, one should have specific problems in mind, study and apply...
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...factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Financial Institutions got a bailout By President Obama in 2009, Mortgage values dropped, financial institutions begin to Feel the pressure especially firms such as Bear Stearns that specialized in trading Mortgage backed securities. There was $61.7bn in losses with AIG, strong economy Out of more jobs can accelerate the next decade, there be a budget deficit. AIG got A $180bn bailout; while Bank of America got $45bn as well as JP Morgan Chase $25bn, Goldman Sachs got $10bn. The Rapid pace of change in business is the Internet, Cellphones and exposure on television. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? People risk their Time, money and other resources to start and manage a business. But, They also Give hope to a better workforce. A lot of people; who are unemployed such as myself Right now will find jobs that are more flexible and challenging, working for big and Small business owners. 3. When did American business begin to concentrate on customer needs? Why? Value of Certain Products begin to go up. High Gas Prices from $1.25 to $4.25, The Cost of a loaf Of Bread is $2.79, the cost of dishwashing liquid about a $1.00, Purchase of products, By Consumers. 4. How do nonprofit organizations compare to businesses? What role...
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...Chapter Two Economics: The Framework for Business Review Questions 1. How did the global economic crisis unfold? The economy changed for the worst when the dot.com bubble burst in 2000, and 9/11 terrorist attacks happened in 2001. 2. What steps did the Federal government and the Federal Reserve take to mitigate the crisis? They decreased interest rates, and subprime mortgage came into play. They seized a few companies that controlled a lot of the mortgage. The congress passed a bill on dollar bailout plan. As the new administration began Obama passed a 825 billion dollar bailout plan. 3. Compare and contrast microeconomics and macroeconomics. How do the two approaches interrelate? Use a specific example to explain. Macroeconomics is the study of a country’s overall economic issues such as performance, structure, behavior, decisions making, and study rates. Microeconomics focuses on smaller economic units such as individual consumers, families and businesses. They can affect how much and what you can buy for your family. 4. What is the difference between fiscal and monetary policy? What role does politics play in shaping these policies? Fiscal policies refer to government efforts to influence the economy through taxation without representation and spending decisions that are designed to encourage growth. Monetary policies refer to actions that shape...
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...international accounting research, environmental influence is the key to understanding one country’s accounting system. "To a large extent, accounting is a product of its environment. That is, it is shaped by, reflects, and reinforces particular characteristics unique to its national environment" (Radebaugh and Gray 1997). From the late 1960s, researchers in international accounting have tried to categorize countries according to a series of criteria, which have been developed on a deductive or conductive basis. These criteria tried to explain the reasons for accounting differences between countries; they aimed to describe and compare different systems with each other in an efficient way. There are several advantages to categorize and analyze the differences among countries: First, it promotes improved understanding of the complex realities of accounting practices, as well as the factors that shape a country’s accounting regulations; Second, it provides useful information for solving some of the important accounting problems that exist in the world. For example, it can help policymakers assess the prospects and problems of international harmonization; Third, it can assist in the training of accountants and auditors who operate internationally; And finally, it can enable a developing country to better understand the available and appropriate types of financial reporting by seeing other countries’ use of particular systems. By looking at other countries in its group it is possible...
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...Partial Fulfillment of the Requirements for Graduation ―with Honors Research Distinction in Russian Economic Studies‖ in the Undergraduate Colleges of the Ohio State University by Erik Lauritzen The Ohio State University June 2011 Project Advisors: Professor Jason Blevins, Department of Economics Professor Jennifer Suchland, Department of Russian Table of Contents Abstract.................................................................................................................................................... 3 Introduction ............................................................................................................................................ 3 1. Macroeconomic Planning in the Soviet Union ................................................................. 5 1.1 The Early Policies of Period One ................................................................................................... 5 1.1.1 War Communism .......................................................................................................................... 5 1.1.2 The New Economic Policy (NEP) ............................................................................................... 9 1.1.3 Democratic Centralism ............................................................................................................... 11 1.2 The Significance of Economic Planning on Living Standards ................................................. 13 1.3 Five-Year Centralized...
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