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
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?”