Economics and Rapid Pace Essay

Submitted By ceearaujo
Words: 472
Pages: 2

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?
Factors that contribute to the rapid pace of business are Natural Resources, Capital, Human Resources, and Entrepreneurship.
This pace is likely to accelerate over the next decade because of the technological advancements that are being made every single day.
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 is promoted by a growing economy, and it’s the starting of businesses, sourcing and organizing the required resources. As entrepreneurs create wealth for themselves, they produce a ripple effect that enriches everyone around them. Other parties benefit by, for example, making a hit website and using some of your newly gained money at clubs, clothing stores, or car dealerships. Others that benefit are your members, advertisers on your website and of course that government after paying your taxes.

3. When did Americans business begin to concentrate on customer needs? Why?
After the Marketing Era came the Relationship Era. The Relationship Era consists of satisfying, and building long-term relationships with customers. The main reason a business wants to build a loyal relationship with a customer is profit. The more the customer stays loyal, the more they will generate revenues toward the business.

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.

Economies grow when one of these factors are weak by increasing another factor.

1. How did the global economic crisis unfold?
The seeds of economic crisis were planted more than a decade ago. America enjoyed unprecedented growth from extremely low economy to the standard of living for americans rising significantly. This took a turn after the dot-com bubble burst…