Assignment: business purpose and economics

introduction to business concepts 

In your own words, respond to the following questions with a short answer. Use college-level writing skills and make sure to include your references.

Worth a total of 15 points.

Due Tuesday 11:59 PM EST.

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  1. After reviewing all the lessons in this module and any further research you do on your own, write a paragraph completing the following, “The purpose of business is….” (maximum 250 words)
  2. After reviewing all the lessons in the module and any further research you do on your own, write a paragraph completing the following, “The bible has the following wisdom and insights that can be applied to business….” (maximum 250 words)
  3. Do some research on an organization of your choice, or interview a business owner. Then discuss how each of five functional areas of business helps that organization to succeed. What are some of the critical activities of those functions that have to be executed well? (maximum 150 words per function)
  4. Go to the Bureau of Economic Analysis website and download the latest press release on Gross Domestic Product (GDP). Is the economy growing or shrinking? By what rate? According to the press release, what are the unique factors driving the economy in the United States? Hint: Review the Perfect Competition and Supply and Demand lesson.(maximum 150 words)
  5. Under each of the conditions below, describe how the equilibrium price would expect to change. Assume a perfectly competitive market and that no other factors change. (maximum 150 words each)
  6. There was a deep freeze in California during the strawberry growing season that damaged crops. What happens to the market price of strawberries? Which direction does the supply curve shift for strawberries?
  7. The government raises the minimum labor wage of entry-level workers from $7.50 to $15.00 per hour. What happens to the market price of a chicken sandwich at your favorite fast-food restaurant? What happens to the total demanded for chicken sandwiches?
  8. New technology radically increases the storage capacity of batteries. What happens to the market price for electric and hybrid automobiles? Which direction does the supply curve shift for electric and hybrid automobiles?
  9. Mineral and oil exploration in the Dakotas brings tens of thousands of new jobs to the region. What happens to the market price for homes in the area? Which direction does the demand curve shift for homes?

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