Four Basic Economic Questions For Small Business

The word "economics", is often thought to be all about money. Economics is not just about money; it is about weighing different choices or alternatives. Most of those choices may involve money, but some do not. There is four basic economic question in order for the system to work. The four are who, what, how and for whom. These questions are a planning system in order to ensure this is a product worth investing into. The first question is who? Who owns and runs the factor of production. The factor of production is the good or services provided. Examples would be the resources and labor needed for production. Which leads to the question of what goods or services will be produced? The amount of good/services produced to generate income. Businesses …show more content…
Industries want small business to grow so society can also. What makes the small business attractive to entrepreneurs is the distribution, service, the and production that it can provide. Which help the small investment needed to grow and generate profit back into the company. Depending on the type of business only some special skills are required, skills such as management and financing are required in order for the business to operate. Since the business is small, employees develop personal relationships within the company, employees can easily to adapt to changes in the workplace, and record keeping is made simple. But running a small business can always have the risk of failure since the company can lack in management skills and/or income. The small business administration protects and assists in loans, contracts and other forms of assistance to help the company grow. If I wanted to open a small business and my lack of money is not enough to start/continue my business can be looked at the governmental agency to assist me in continuing my …show more content…
As a manager I will preform future goals and planning for the company. Organization which allows the goal to be achieved in an efficient and proper manner. The leadership and motivation a manger must have to influence their works to work harder towards common goal. Skills to become a good manger require to think smart to solve problems whether it be within the company or personal. Good communication skills and technical skills in specialized activity are excellent skills to keep the company insurance to complete a goal. The style of leadership I would use is to be motivational and controlling in order for my employees to feel a part of a team and not a