Reference no: EM132835306
1. Why do we say that the U.S. economy is a mixed economy?
2. What is real gross domestic product, and how does it differ from gross domestic product?
3. What three activities must a business perform in order to be successful? Briefly describe each of these and why each is essential to business success.
4. Why is it easier for managers to make ethical decisions when business is good and profits are high than when business is not so good and profits are in trouble?
5. Why is pollution of concern to most citizens? Why are some businesspeople particularly concerned about pollution?
6. Why did Congress create the Equal Employment Opportunity Commission?
7. Why is balance of payments a much broader concept than balance of trade?
8. What does it mean for a country to have an absolute advantage? Compare that to having a comparative advantage.
9. What is an embargo? When might it be used?
10. Why is the concept of unlimited liability a concern for the sole proprietor?
11. What types of information should a partnership agreement contain?
12. Why do certain industries tend to be more attractive for the start-up of a small business?
13. Why are small businesses prone to failure?
14. Why is the failure rate lower for franchises than for independent businesses?
15. What does the board of directors manage? What do corporate officers manage?
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