Dawn Spradley
BUSA
Chapter 1 Homework
18 August 2014
Review Questions 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?
Increasing entrepreneurship, taking risks, and understanding the market are three factors that contribute to the rapid pace of change in business. In future decades, I feel that the pace is likely to continue to increase with advanced technology and better understanding of the market and overall world of business. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
A successful entrepreneur can enrich and benefit a multitude of various people and places. Although the actual entrepreneur is ideally the main person that makes a gain from the product or company, they also lead to sharing the wealth by spending their money. Everywhere that the businessperson spends money is making a gain due to his/her initial wealth and success. This spending of money in other businesses and the taxes can greatly stimulate an economy. 3. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses?
Nonprofit organizations are very much like a regular business. The only main difference is that nonprofits are not concerned with profits, like businesses are. 4. What are the factors of production? How can economies grow when one or more of the factors is weak?
The factors of production are natural resources, capital, human resources, and entrepreneurship. An economy needs all four of these factors to prosper to the best of their ability. However, in some areas all factors may not be as readily available. The country must attempt to grow with their other factors in order to continue to be successful. 5. How has the rise of the World Wide Web changed business practices? What are the benefits and drawbacks for business? For consumers?
The World Wide Web completely changed the business world and its practices. The Web has bridged the distance gap between companies and consumers all over the world. Web conferences and emails allow for instant responses. This can benefit businesses by having a broader audience to purchase products with online sales, communicating with other branches of the company more easily, and less expense than having an actual store to maintain. However, an online business requires a lot of upkeep time with orders and shipping, and it is extremely less personal for owners and consumers. Customers are not able to browse inside a store for the products, but they can easily shop from the comfort of their own house without the hassle of driving or dealing with potential crowds and other factors. 6. How has the definition of diversity changed over time? Can a diverse workforce help a company compete more effectively? How?
The idea and view of diversity has greatly changed over time. It was merely a mix of the different cultures and races that resided in an area. In today’s world, there are many more elements that create diversity. Age, gender, religion, sexuality and nationality are all factors that make people different. As for the workforce, I feel that diversity can help a company better compete with other businesses. It allows the company to appeal to a wider spectrum of possible consumers from various backgrounds.

7. How has the global free trade movement impacted business? Who benefits? Why? Who loses? Why?
The global free trade has encouraged businesses to trade goods worldwide. Consumers can benefit from the lower prices and better quality of a highly competitive market. Producers benefit from the reduced trade restrictions and tariffs. However, with such international competition for goods, smaller individual companies lose when faced with large corporate chains that dominate.
Application Questions
5 things I love to do:
Talking/socializing, listening to music, shopping, crafts, playing on the computer * Insurance Agent – talking and playing on the computer. You must be able to socialize with customers and usually computer savvy. * Clothing Retailer – talking and shopping. You need to consult with clients and know about different styles, brands and what clothes suit each person best. * Craft/Boutique Owner – crafts and socializing. You would need to be good at crafts, making various things and able to communicate with potential customers and their specific orders.