BUSINESS

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)

2. When did American business begin to concentrate on customer needs? Why?

3. What are the factors of production? (list with a definition) How can economies grow when one or more of the factors is weak?

4. 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)

5. Describe the key principles of socialist and communist economic systems. Does more government control mean less economic opportunity? Why or why not?

6. 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?

7. What is an ethical dilemma? (fully define with examples)

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