Impact of Global Economy

The following post has two questions namely;

1.Impact of Global Economy

Describe a food, fiber, natural resource, agricultural or other SMALL business that you are in 2. What and How Much to Produce 15 What product will the business produce, how you chose that product, how much you will produce (think about the production economics concepts from class) 3. Inputs and Technology Used 15 Explain the production process, including inputs to production and what type of technology will be used (think about the production economics concepts from class) 4. Impact of Global Economy, Government Policies and other Economic Issues 15 Will you have competitors or similar businesses in the area that will help or hurt your business? What can you offer that the others do not? How do changes across the globe impact your business? What about global trade or policies in our country or other countries? Are there government regulations that impact your business? Are there any consumer groups that may have

2.Explicit Cost and Implicit Cost

What is the difference between an explicit cost and implicit cost? What is the difference between normal profit and economic profit? How does this all relate to the entrepreneur's "opportunity costs?"