Introduction to Business Essay

Words: 941
Pages: 4

Assignment one
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?
Human resources, capital, natural resources, entrepreneurship, and technology all play a factor in to a rapid change of pace. They are likely to increase because all of these factors are growing rapidly.
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 key to the economy and most economies support it. The entire economy is going to gain from an entrepreneurship starting a business. Because businesses can decrease the workplace environment and not pay as many
…show more content…
What are some key strategies for developing a competitive edge in today’s competitive global market? How important is customer satisfaction?
Some key strategies for attracting are attracting enormous foreign investors such as china and India. Customer satisfaction is very important for this so the businesses can attract more businesses both nationally and internationally. Business took bold steps to lower tariffs.
8. How has the rise of the World Wide Web changed business practices? What are the benefits and drawbacks for business? For consumers?
The world web has changed businesses by providing them with better ways to customize their advertisements. Also it allows them to advertise to a more broad community. The disadvantages are that the website may crash and you have to constantly update it so that your information is reliable.
9. How has the definition of diversity changed over time? Can a diverse workforce help a company compete more effectively? How? Diversity has changed over time from things that related to just gender to religious views, and cultural views. The growing ethnic populations offer more of a profit potential for the firms that are pursuing them
10. How has the global free trade movement impacted business? Who benefits? Why?
A renegotiation of the GATT signed by 125 countries in 1995 took bold steps to lower