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Eco 372 Week 2 Essay

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CH. 2 business in our economy

LESSON 2.1

1.) Producers are a type of business that takes there resources from nature. First, an example of a producer is an extractor. Extractors are people that take a resource that comes from nature to make their product. Another example of a producer is a manufacturer. A manufacturer is a person that gets supplies from producers to make their product. This is where most of the products on earth originate and come from.

2.) Raising capital is critical to the success of a business. This is because capitial is the foundation for all businesses. Without a foundation a house would collapse kind of like a business would go bankrupt without raising capital. Capital allows your business to grow larger and make …show more content…

One of them includes generating ideas. Generating ideas is where you come up with ideas to improve or start your business. Business ideas also include raising capital which is the foundation of a business. Business ideas are what allows a business to grow.

2.) There are more than 23 million sole propriotorships in the United States. There are so many because it is the easiest business to start. Also because it does not take a lot of money to start. A downside is that if an employee or customer gets hurt you are responsible and can get sued for everything or anything you own. That is why there are so many sole propriotorships in the United States.

3.) There are many advantages to owning a business franchise rather than a sole propriotorship. One advantage is that you cannot get sued for your personal belongings. Which is a huge advantage. Another advantage is that you have more money to start the business because there are more donators. I would rather start a business …show more content…

He does this by allowing them to sell goods. The wholesaler sells goods to the retailer allowing him to have a business. Without a wholesaler a retailer would not have a business. That is how a wholesaler provides service to a retailer.

2.) There are two examples of marketing functions. One is advertising, which includes billboards and TV commercials. the other is marketing. This is changing your product to appeal to a certain group. Those are two examples of marketing functions.

3.) It is important for business owners to be aware of the importance of marketing and what it does. This is so they do not get behind on competition. If another business has an advantage over them in the market in can cause their business to fail. This is because of their lack of knowledge. That is why it is important for business owners to be aware of their market.

4.) Middle businesses in an indirect channel of distribution affect the consumer. This is because it affects the price of the product. The more stops it takes the more expensive it will be. That is how it affects the consumer. Middle businesses make a big

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