Bus 503 Quiz

In: Business and Management

Submitted By shet22
Words 1929
Pages 8
Quiz #1 9/10/2012

1. Factors of production would be anything businesses use to product a good or service. The five factors would include: Labor, Capital, Entrepreneurs, Physical resources, and Informational resources. Labor is the physical contributions such as factory workers on the production line or intellectual contributions such as an engineer designing a new technology (p.7) Capital would be the financial resources companies use to conduct business. You need money to start making money and a lot is needed to start a business. Entrepreneurs are the people to launch new business ventures and accept all the risks associated with. They are innovative leaders who think outside the box. Physical resources would be the tangible things to conduct business (p8). Natural resources, parts, facilities, and equipment would be some examples. Informational resources would be the data used to conduct business. This is a new concept which was brought by the technology boom. These resources can help us in forecasting costs and predict market trends. Some businesses are designing solely on the data mining service.

Is one factor more important than the other? If so which one? Why? This is a very tricky question. For my answer, I am basing my opinion on the United States economy. It does differ based on the country chosen. If I picked China, I would say their economy has a heavy importance on the labor factor. Their huge population and cheap labor causes companies from around the world to outsource their production to China. Until recently, China has also had government restrictions which hurt entrepreneurships and business startups. But back to my answer, you should view the factors of production like a chain. Each factor would be a link and if one failed, the whole thing fails. You are always going to need the vision, capital, natural…...

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