Questions and Answers for Business

Business

What is the role of business in the economy?

Since business is the economic activity of individuals, corporations, partnerships, and other non-state entities, one might reasonably say that, in a market system, business not only drives the...

Latest answer posted November 19, 2020 1:01 pm UTC

3 educator answers

Business

What is a company profile? What must I include in it?

A company profile is just what the name implies. It is a document explaining what your company is and what you do. It is a public-facing document, so one should take care to not include any...

Latest answer posted September 7, 2019 8:56 am UTC

2 educator answers

Business

What is John Dunlop Systems Theory in Industrial Relations about? What is he trying to say about the relationships...

In its most basic terms, the Dunlop Systems Theory in Industrial Relations is about the structure and development of relationships among the three integral members of labor relations (labor,...

Latest answer posted January 13, 2015 12:57 am UTC

2 educator answers

Business

Explain political environment of business?  

The political environment of business refers to the political or government actions that impact business operations. The political factors usually go hand in hand with the legal ones and are...

Latest answer posted December 19, 2017 12:11 pm UTC

2 educator answers

Business

I need some examples of economic decisions made by individual, family and the country.

Economic decisions are those decisions in which people (or families or countries) have to choose what to do in a condition of scarcity. Scarcity occurs because people have unlimited wants but only...

Latest answer posted March 2, 2016 3:45 pm UTC

1 educator answer

Business

What are the advantages and disadvantages of the privatisation of government-owned companies such as airlines?

Privatization is the transfer or sale of government-owned assets/institutions to the private sector. Advantages Privatization is most of the time associated with improved efficiency due to the...

Latest answer posted May 6, 2015 11:00 am UTC

3 educator answers

Business

What are the advantages and limitations of using graphs and charts in business? 

Graphs and charts provide major benefits. First, they can quickly provide information related to trends and comparisons by allowing for a global view of the data. It also allows members of the...

Latest answer posted September 7, 2019 12:34 pm UTC

4 educator answers

Business

Why do we study ethics?

We study "ethics" because society cannot function without a series of commonly-accepted moral codes that define boundaries of acceptable behavior. We also study ethics because there is not always a...

Latest answer posted January 11, 2018 3:43 pm UTC

1 educator answer

Business

What are the advantages and disadvantages of a free-market economy? 

A free market economy has two key advantages. First, it allows for individuals to innovate. Individuals have the freedom to create new ideas, new products, and new services to sell for profit. They...

Latest answer posted October 5, 2015 2:19 pm UTC

3 educator answers

Business

Compare and contrast globalization and regionalization.

In business, regionalization is a business strategy frequently employed by globalized companies to compensate for some of the problems raised by globalization. Globalization means the...

Latest answer posted August 5, 2018 9:40 pm UTC

2 educator answers

Business

What is a positioning map in marketing? How can we create one? This is related to segmentation.

A positioning map is a type of visual that allows marketers to compare their product or service with those of their competitors. If you are looking to create a positioning map, one of the best ways...

Latest answer posted September 8, 2019 11:12 am UTC

5 educator answers

Business

Advantages Of Entrepreneurship

Entrepreneurship involves the development of a business around an innovative idea, with the aim of regional or international growth. The entrepreneur in this case will need to find avenues to...

Latest answer posted August 3, 2015 7:55 am UTC

3 educator answers

Business

Dimensions Of Business Environment

There are five dimensions of the business environment that influence many firms. These dimensions include the economic environment, the social environment, the political environment, the legal...

Latest answer posted November 5, 2017 4:06 pm UTC

2 educator answers

Business

What is the definition of environment uncertainty, with examples?

Environmental uncertainty is when conditions are constantly changing within a business environment. As a result, management has little influence over factors that are outside of the company’s...

Latest answer posted September 28, 2016 2:16 pm UTC

2 educator answers

Business

What countries have a market economy?

A free market, or market, economy is one which allows the market to do as it pleases and essentially lets the science of economics dictate how business perform. A market economy was much more...

Latest answer posted September 8, 2019 10:12 pm UTC

2 educator answers

Business

What are some advantages and disadvantages that come to Nike as a company because of international business.

One advantage is that Nike is an internationally known brand and can thus sell shoes all over the world. Nike also can keep labor costs down by using laborers in the developing world—this allows...

Latest answer posted November 6, 2019 10:45 pm UTC

3 educator answers

Business

Difference Between Travel And Tourism

The best way to think of the difference between travel and tourism is one is part of the other but this did does not mean that they are the same. In short, tourism is a part of travel, but not all...

Latest answer posted August 24, 2015 1:37 pm UTC

3 educator answers

Business

Answer true or false to the following statements: For the trial balance to balance the debits must equal the...

True. The trial balance uses the double entry system, which means that debits have to balance with the credits. False. Liability accounts have credit balances. True. True. False. The trial balance...

Latest answer posted June 21, 2019 7:28 am UTC

2 educator answers

Business

If both supply and demand increase at the same time, then what will happen?

Supply and demand go hand in hand and are very intrinsically linked. Usually, assuming everything else remains the same, a rise in one causes a rise in the other. If, however, they both rise at the...

Latest answer posted June 20, 2019 5:15 pm UTC

2 educator answers

Business

Why is price elasticity of demand important to firms?

The price elasticity refers to the degree of responsiveness of demand as a result of a change in price. The price elasticity of demand is important to firms because it helps them in pricing their...

Latest answer posted November 24, 2019 7:59 am UTC

3 educator answers

Business

Please give five real life examples in India for the terms monopoly, monopolistic competition and oligopoly....

The primary monopolies in India are government monopolies of utilities and transportation. One specific example is the government monopoly of rail transportation through Indian Railway: Lifeline to...

Latest answer posted November 15, 2016 6:56 pm UTC

1 educator answer

Business

Why is the average cost curve u-shaped?  

The average cost curve is u-shaped because costs reduce as you increase the output, up to a certain optimal point. From there, the costs begin rising as you increase the output. To understand why...

Latest answer posted November 7, 2019 1:17 pm UTC

3 educator answers

Business

Sales And Marketing

The marketing concept asserts that businesses are required to focus on the consumers' needs and wants so they can offer products or services that will satisfy these needs better than the...

Latest answer posted August 7, 2015 3:03 pm UTC

3 educator answers

Business

Explain the following: "product line," "product length," "product width," "product depth?"

When establishing a product mix, a business must decide where it places itself in terms of its target market. Does it want to compete to be the best-priced product, or the most luxurious, for...

Latest answer posted August 30, 2015 4:15 pm UTC

4 educator answers

Business

What are the six distinct traits of professionalism?

Kappa Omicron Nu, a collegiate honors society, describes professionalism as the feeling of support an individual has for their chosen profession or an individual’s ability to positively represent...

Latest answer posted September 9, 2019 9:40 pm UTC

3 educator answers

Business

What is distinctive competence?  

Distinctive competence refers to the core skills and practices that increase the competitiveness of an organization and make it different from its competitors. An organization's competitors cannot...

Latest answer posted June 21, 2017 1:02 pm UTC

2 educator answers

Business

What are the advantages and disadvantages of standardizing the product offerings for a branded hospitality chain?

Major branded hotel chains have the choice of standardizing their offerings across the brand or of letting individual properties customize their offerings to meet the needs of local markets. The...

Latest answer posted December 22, 2015 3:08 am UTC

3 educator answers

Business

How does globalization affect you and me?

Globalization affects you and me, and essentially, all citizens of the world in five main ways: 1. It gives people more access to an even broader set of products and services With laws and...

Latest answer posted January 28, 2015 9:28 pm UTC

2 educator answers

Business

Define direct and indirect materials and list the reasons why a large company would have two separate departments to...

Direct materials are those that are used directly in the production process and are reflected in the final product. For example, timber would be a direct material in the production of furniture. In...

Latest answer posted November 21, 2018 10:17 pm UTC

2 educator answers

Business

What is the difference between business administration and public administration?

There is a difference between business administration and public administration. A person who specializes in business administration will focus on the operation of a business. This is often in the...

Latest answer posted September 18, 2016 3:50 pm UTC

2 educator answers

Business

Please explain why efficiency and effectiveness are important to management.  

Efficiency involves using the least amount of resources in order to achieve the greatest results. Scheduling tools that measure the number of people needed to service the customers in a store is...

Latest answer posted February 13, 2020 1:41 am UTC

6 educator answers

Business

Discuss why planning is important to managers within an organization.

Managers are very dependent upon planning in order to get the most out of their business unit. They use planning in human resources in order to ensure enough employees are there to run the...

Latest answer posted September 5, 2019 6:38 pm UTC

4 educator answers

Business

What are examples of authority and responsibility in management?

In business, authority and responsibility need to be aligned appropriately, with the person responsible for certain outcomes having the authority to make them happen. Authority refers to the...

Latest answer posted June 14, 2017 12:09 pm UTC

2 educator answers

Business

What is business entrepreneurship? Where is it mostly used?

A business entrepreneur is any individual who starts and operates a business while assuming the risks associated with any such venture (e.g., using one's own collateral in exchange for start-up...

Latest answer posted April 14, 2018 12:41 am UTC

1 educator answer

Business

What are the differences between procedure and method? (Business studies)

The difference between a method and a procedure is similar to the difference between strategy and tactics, in that the two are often confused, and understandably so. Perhaps the easiest way to...

Latest answer posted March 7, 2018 11:02 am UTC

2 educator answers

Business

What are strengths and weaknesses in listening habits, and what are some points in a plan for improving listening...

Someone with good listening habits pays full attention to the speaker and asks follow-up questions to indicate that she is listening. In addition, the listener does not interrupt and resists the...

Latest answer posted December 14, 2016 1:59 pm UTC

2 educator answers

Business

What are some major advantages and disadvantages of fishbone diagrams?

The fishbone diagram was designed by Japanese quality control expert Kaoru Ishikawa. His purpose was to provide a means of identifying underlying causes of problems so that solutions were not...

Latest answer posted July 25, 2016 12:07 am UTC

3 educator answers

Business

Difference Between Trade And Business

Trade refers to the buying and selling of goods and services, facilitated by a medium of exchange, such as money. When goods and services are exchanged for other goods and services, without the use...

Latest answer posted November 26, 2017 6:46 pm UTC

3 educator answers

Business

Use examples to explain open and closed environments in a management information system (M.I.S). 

There is a difference between opened and closed environments in a management information system. In an open environment, the various components of an organization will communicate and share...

Latest answer posted November 28, 2017 5:38 pm UTC

3 educator answers

Business

Causes Of Rural Urban Migration

There is no overarching single reason for the migration of people to urban areas. In light of this, let me mentions a few reasons. First, if we use China as a test case, we can say that the mass...

Latest answer posted August 24, 2015 1:14 pm UTC

4 educator answers

Business

Differentiate between a "change in quantity supplied" and a "change in supply."

Though the phrases are very similar in their external appearance, they hold different meanings. A change in quantity supplied is a simple phrase meaning the number of items you ordered has...

Latest answer posted October 14, 2019 7:56 pm UTC

3 educator answers

Business

Explain and give examples of behavior, output and input controls.

Behavior, output and input controls are managerial means of controlling job requirements and expectations and end results in terms of company objectives and production targets. Effectiveness of...

Latest answer posted July 24, 2016 10:30 pm UTC

4 educator answers

Business

"Management is an art of getting things done through people." Do you think this definition is adequate for the...

In some ways, this statement is true. Successful management entails the recruitment, training, and supervision of individuals chosen for tasks specifically tailored toward company goals, so in this...

Latest answer posted June 22, 2017 4:23 pm UTC

3 educator answers

Business

What are the differences between goods and services from an operations management perspective? What is an example of...

Operations management involves managing business processes that occur during the conversion of inputs, which include raw materials and labor, into outputs in the form of goods and/or services. From...

Latest answer posted May 16, 2016 10:58 am UTC

2 educator answers

Business

Describe the four steps in the control process.

The four steps in the control process are: Establishing Standards and Methods for Measuring Performance; Measuring the Performance; Determination of Whether the Performance Matches the Standard,...

Latest answer posted December 7, 2012 7:29 pm UTC

1 educator answer

Business

Difference Between Capital And Investment

Looking at this from an accounting perspective, which I’m assuming you mean as this is listed under the ‘Business’ topic and you speak of balance sheets, we can see distinct differences between...

Latest answer posted February 23, 2015 9:03 pm UTC

2 educator answers

Business

In today's environment, which is more important to organizations, efficiency or effectiveness? 

In today’s business world, a business must be both effective and efficient. It would be very difficult to be successful if only one of these conditions was present. In order to maximize profits, a...

Latest answer posted October 6, 2016 2:43 am UTC

2 educator answers

Business

Why Are Indifference Curves Downward Sloping

Indifference curves are downward in slope. An indifference curve measures the value a consumer receives from the consumption of two different products. If the level of satisfaction is high for the...

Latest answer posted October 17, 2017 5:41 pm UTC

3 educator answers

Business

What is a pay-in slip, withdrawal slip, and bank statement?

Americans call a "pay-in slip" a "deposit slip." This is a preprinted form which is the size of a standard check and typically comes in the back of the checkbook. It has the customer's name and...

Latest answer posted September 8, 2019 10:07 pm UTC

3 educator answers

Business

What is the difference between a plan, a project and a program?

A project is defined as a temporary activity aimed at achieving specific/narrow organization objectives. Programs, on the other hand, are organization activities aimed at achieving broader...

Latest answer posted April 10, 2017 10:35 am UTC

2 educator answers

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