Please address each of the following issues in a separate paragraph or two, with each response identified by the corresponding number of the issue you are addressing. Your responses should reflect issues you have studied in the modules and must be your own work. If you do incorporate information from other sources, be sure to clearly identify them as such and provide a citation. Limit the use of exact quotes, absent specific instructions to the contrary…the assignment is not to copy and paste what others think.
Issue 1.
Your text discussed several external environments business must deal with. Of those, which one do you think is currently the most challenging for a business to operate in? Please provide justification for your selection.
Also, of the different environments discussed, which one do you think might currently present the greatest opportunity? Again, please share your reasoning, not just the name of the environment.
Issue 2.
Use the information in this table to construct a supply/demand curve. (You may construct one on your computer and copy/paste or do it by hand and include a photo of your work.)
At what price will there be equilibrium in the market?
What market condition would exist at a price of $750?
Qty Supplied
Price
Qty. Demanded
450
2000
150
400
1750
200
350
1500
250
300
1250
300
250
1000
350
200
750
400
Issue 3.
You read about patents and know they can extend for 20 years. That in itself is interesting, but the details are what make this a topic worth discussing. Consider these two instances. Jack invents a new can opener and is granted a patent. Jill invents a pharmaceutical that cures brain cancer by simply taking one of the new pills she invented and is also granted a patent.
Do you think the twenty-year life of the patent is appropriate for both instances? Whether your answer is yes, no or both, share your thoughts that support your opinions.
Issue 4.
Franchises are not all the same. Very successful, proven franchises are usually very expensive, and while you can obtain a relatively new franchise less expensively, there is the risk that the franchise will not stand the test of time.
Use the internet to find information about a franchise you would be interested in owning (or think would be a very good option for someone wanting to go into business). What financial resources are required? Did the amount needed surprise you? What other franchises are competitors for your choice? Be sure to include the web address (url) of the website you obtained your information from at the end of your response.
