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What type of transaction costs are involved

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Reference no: EM132349134

Question: Identify resources/inputs that are important to your industry.

This should include 1) labor (with any specific skill sets that might be required) and 2) at least one of the following: raw materials, suppliers, business-to-business services, environment conditions.

Indicate whether these resources are available in the city or region you have selected. If they are not, where and how would a new business in this city obtain them?

A good place to find skills required for labor in different industries is at the Department of Labor's Occupational Outlook website: bls.gov

Discuss the impact of these resources on production costs. Some questions to consider might be:

• Are there transportation costs involved in acquiring resources?

• Are any functions typically outsourced?

• What type of transaction costs are involved?

• Are there external factors that might affect resources needed in production (eg: weather, regulation)

Reference no: EM132349134

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