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Intro To Business Essay

551 words - 3 pages

Ch 1 Assign - Business Now: Change is the Only Constant
1. According to the text book there are four main factors that contribute to the rapid pace of change in business. Natural Resources is anything that offers an output in its natural state. For example land, water, wind, and mineral deposits. Capital is synthetic resources such as buildings, machines, and technology. Human Resources is the people working in the economy. Entrepreneurship are the people who take the risk of launching and operating their own business. The rapid pace of change in business will continue to accelerate. With all of the factors that contribute increasing business has no other choice than to change.

2. Business is any organization that provides goods and services in an effort to earn a profit.

3.

3.  Explain the ...view middle of the document...

  The following charts represent the projected percentage changes in specific race/ethnic origin and age groupings:
Race/Ethnic Origin 2008-2018 % Change
White -2.00%
Black +.60%
Asian +.90%
Hispanic +3.30%
Other +.50%
Age (years) 2008-2018 % Change
16-24 -1.60%
25-34 +.50%
35-44 -1.90%
45-54 -2.70%
55+ +5.80%

Discussion Points
A.  What factors contribute to these projected demographic changes in the workforce?
B.  The largest projected shift in the workforce based on age is the dramatic increase in the number of older workers as indicated in the 55+ age group.  In what ways might business managers and owners have to change their business focus as these older workers retire?
C.  How do the work skills of younger workers and their approaches to work differ from those of older workers?  How will these differences impact the ways business will be conducted in the future?        
Source:  Bureau of Labor Statistics, “Overview of the 2008-2018 Projections,” Occupational Outlook Handbook (2010-2011 Edition), [accessed June 20, 2011], http://data.bls.gov/cgi-bin/print.pl/oco2003.htm
6.  Most successful businesses today actively develop loyal customers who buy their brands again and again. After all, getting current customers to buy more is much easier than constantly seeking new customers. Think of three brands that you buy on a regular basis. Why do you stick to these products? How could another company dislodge you? 
7.  As you read about the history of business, you will see that the changes through the years included social changes.  Looking back at the history of business, analyze the social changes that have had an impact on business. 
8.  You are now ready to upload your Word document to Assignments Chapter 1.
9.  Make sure you have read all the discussion posts and responded to at least 3.
10.  You are finished with the work for this week!

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