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Bus 100 Introduction to Business

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WEEK 1
DQ# 1 Discuss how markets, demand, and supply affect resource distribution in the United
States.
DQ # 2 Discuss the elements of private enterprise and the degrees of competition in the U.S. economic system.
DQ # 3 Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace.
#2 : Just by pure definition, a private enterprise is an economic system that allows individuals to pursue their own interests without undue governmental restriction. This becomes vital in market economies simply because it has the capability to influence growth and success within a certain market. These enterprises require four substantial rules to exist. First is the private property rights which is ability of individuals and businesses to accumulate property, wealth, and enforce contracts. Second is the freedom of choice. This is basically for the business to act by itself; to have control over who to hire and allocate their resources as they see fit. Third is to have profits.
Without profit, there is hardly any attraction to creating an enterprise when there are no benefits.
Profit plays a great deal in influencing the behavior and decisions of individuals who are looking for a more rewarding opportunity in terms of money or advantage. Last but not least is competition, which is the drive for businesses to constantly raise standards and operate efficiently. Because the third element, profit, exists, businesses always want to gain and be the superior. Just like how everyone has different motives, personalties, and goals, businesses also have various natures in terms of its capacity, size, products and more. In a perfect competition, the firms are smaller scaled competing with a large number of other firms in the same industry.
In this system, they usually strive to produce cheaply and in large amounts. In a monopolistic

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