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Bus 508 Essay

1293 words - 6 pages

Mrs. Acres Homemade Pies
Business 508
Professor Jack McCaffery
Summer 2010
Rosie Wright

BUS508
 
Assignment #1
1. Choose your company or service for your business proposal. It is not to be a franchise (McDonald’s).
I would like to complete my business proposal on the company I work for; the name of the company is “Campus Crest Communities”. Campus Crest builds student housing across the United States. Their corporate office is located in South Park, they have 29 properties.
2. Analyze the situations below, complete the actions, and prepare a 3-4 page report with your conclusions:
o   Given the business situation of Mrs. Acres Homemade Pies (p. 30) and using the economic ...view middle of the document...

 
One solution to the above problem would be to maintain her current employees. She can also raise her prices due to demand being greater then supply. If it was the complete opposite where supply was greater than demand, she would have to reduce the price. Mrs. Acres should calculate how many staff will be needed to produce a certain amount of pies to generate a specific profit. This will allow her to determine whether or not to expand her staff to increase the supply and prices can remain the same.
Explain why you think supply, demand, or equilibrium price will be different, if at all, in the short-term and the long-term. 
She appears to have a sole ownership, maybe if she could develop a portfolio and ask for a partnership, she could find someone to add more money and convince them on their return with proof of her current profits and sales. Mrs. Acres should explain that her demand is higher than her supply and that she needs someone to invest into her company to increase profits within a short period of time.

 

3. Define the terms AND explain what they mean.
a) Gross Domestic Product- The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country's economy. GDP is defined as the total market value of all final goods and services produced within the country in a given period of time (usually a calendar year). It is also considered the sum of value added at every stage of production (the intermediate stages) of all final goods and services produced within a country in a given period of time, and it is given a money value.

b)        Federal Budget deficit- A budget deficit occurs when an entity (often a government) spends more money than it takes in.
c)        Communism- Communism is a socioeconomic structure that promotes the establishment of a classless, stateless society based on common ownership of the means of production
d)       Capitalism- Capitalism is an economic system in which property is owned by either private individuals or a corporation. Private ownership is sometimes used as a synonym for individual ownership; however the term "private" may also be used to refer to collective ownership of individuals in the form of corporate ownership.
e)        Depression- The precise causes of recession are the subject of fierce debate among academics and policy makers although most would agree that recessions are caused by some combination of endogenous cyclical forces and exogenous shocks.
f)        Recession- The precise causes of recession are the subject of fierce debate among academics and policy makers although most would agree that recessions are caused by some combination of endogenous cyclical forces and exogenous shocks
g)       Free market- A free market is a market in which prices of goods and services are arranged completely by the mutual consent of sellers and buyers.
h)      Socialism-...

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