Answer the following questions in a short answer paragraph format, i.e., define and explain your answers. Explain each answer in detail, one-sentence answers will not receive much credit for this assignment. Need to research and paraphrase information from the textbook or websites, which is perfectly fine. Just remember to cite your source MLA style.
o Use a heading for each of the answers.
o Use bullets for short paragraph answers.
o A paragraph should not exceed six sentences in business writing.
o Use 12 point font for body text and 14 point font for headings.
1. The Business Environment
The Business Environment is composed of five components: economic and legal, technological, competitive, social, and global environments. Define/explain each of these environments.
2. Free Market Economy
Explain how a free market economic system works.
3. Forms of Competition
Identify and explain the four forms of competition related to the U.S. Economy.
4. Key Economic Indicators
List and explain the Key Economic Indicators to the U.S. Economy.
5. Business Cycles
Define/explain the phases of the Business Cycle.
6. Economic Challenges for the United States
What do you consider the most important economic challenges that will face people in the United States in the next 10 years?
7. Reaching Global Markets
Explain the six strategies (licensing, exporting, franchising, contract manufacturing, international joint ventures, foreign direct investment) for reaching global markets.
8. Global Trading Forces
List and explain the forces affecting trading in global markets.
9. Ethical Dilemma
List and explain the three questions you should ask yourself when facing an ethical dilemma.
10. Corporate Responsibility
Define/explain the concept of corporate responsibility.
11. Disruptive Technologies
Do some research on Disruptive Technologies. Define the term and give some examples of how disruptive technologies have changed and will change the business environment in which we live.
