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Business Economics - Essay Example

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Two elements of microeconomics that would be beneficial for a small business or business that is just starting up would be observing the habits of cost minimization and profit maximization. …
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Due DQ Two elements of microeconomics that would be beneficial for a small business or business that is just starting up would be observing the habits of cost minimization and profit maximization. According to Net Industries (2011), cost minimization is, “based on producing goods and services more cheaper than competitor firms” (para. 1). Having a high overhead makes it difficult for a new company to cross the line where the business is making money, and struggling with money makes the business suffer even more. In addition, making sure that the business is designed to utilize all the skills, tools, and resources at hand will enable the business to maximize its profits. The business needs to make sure it is offering enough products or services to make revenue and then generate profit by keeping costs low. The company should also be aware of its risk aversion plan. This can save the business valuable time in the future by preventing problems and issues before they become detrimental to the company. The business should be aware of what risks will occur and communicate with other business owners to discover risks that may be overlooked by a first time business owner. DQ 2 The best economic system would be a system that guarantees all members of the society a minimum or fair standard of living while still rewarding those who work the hardest the highest amount of profit. Therefore, the society maintains an adequate level for all the members, with basics, such as housing, food, shelter, and clothing, heat and air, plumbing, and electricity. This standard of living is maintained by a non-profit organization that receives its funds through a flat rate citizens tax. Citizens with jobs will automatically have this pay deducted while citizens without jobs will be expected to perform community service as payment of their tax. Children will not be required to work, and parents will have the choice to either pay for their child’s portion or work for their child’s portion. The business sector with for profit organization would still exist that allows businesses and individuals to earn their own living and keep their profits. All businesses will be charged yearly taxes based on the business size. The rates in each category for the size of business will be flat rates. These taxes will be used to generate income for public projects such as parks, city, state, and federal buildings, streets, and other community properties. Income taxes would be used to cover healthcare and other public expenses. Social security program would not exist, other help programs such as welfare programs would not exist, and the federal and state governments would be allowed to offer bonds to increase income. Schools would be privately owned and not government mandated. DQ 3 The barriers to international trade include the regulations which may be different from one company to another, communication barriers, costs of trading internationally, and the trade protocol which may differ between companies. The most significant barrier is the difference in regulations that one company may have in relation to another company, or the regulations that may be placed on both companies by an international trade organization which. Having different regulations in each country means that the two will have to engage in negotiations to overcome obstacles between the companies. This may take a short time or a very long time depending on the goals and policies of the companies. On the other hand, a regulation from an outside source may cause even more delays, particularly if one company has a difficult time adjusting to meet those regulations. To avoid this, companies need to take the time to research the regulations in advance so they can begin working to solve them before major delays occur in the trade process. DQ 4 The business is a group of martial arts academies that are currently located solely in the United States. The business offers martial arts training and services to interested individuals, families, and groups from ages 3-99. The business is looking to expand globally, and is starting to developing a plan for implementing that change. The first thing the business will do is decide if the international market will support the same services that are offered in the United States or if the services will need to be adjusted to fit the new markets. Then, the business review its policy in comparison to international companies to see if the policy will be sustainable in the new market or if it needs to be adjusted. After that, the company will work to gather resources and employees to support the expansion into foreign markets. Finally the company will create a new central system that allows the company to monitor all business activity domestically and internationally, with a central support network for both that exists in the United States. The company will also provide management stations in each of the major international countries to ensure that issues that arise can be solved in a timely manner relevant to the needs of that area. Additional management will be necessary in order to address local issues and minimize the respond time between management and headquarters. References Net Industries. 2011. Cost minimization. Retrieved from http://www.jrank.org/business/pages/313/cost-minimization.html Read More
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