Busi 1301 - Lesson 1

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Lesson 01 Essay Assignment BUSI - 1301 July 13, 2014 John Spencer Answer all the following questions completely. You can cut and paste in to the assignment area or attach you answers in a word document. 1. How can increased global competition benefit the United States and U.S. workers? Global competition can benefit the United States by providing employment in our community. With the help of an increase in global competition can also help improve living standards around the world, as well. 2. What is GDP? Describe one major influence on the growth of GDP? Gross domestic product (GDP), is known to determine the total value of final goods and services that are produced in a specific country during one fiscal year or a given period of time. GDP primarily measures the market economy, investments and government spending. There are many influences that are dependable of the GDP one major influence on the growth of GDP is the productivity of the workforce which evaluates the output of workers create under a given quantity of input or a given amount of time. 3. What is the difference between a favorable balance of trade and an unfavorable balance of trade? The balance of favorable trade (trade surplus) is basically known as a positive economic measure of balance of trade where a country's exports exceeds its imports. An unfavorable balance of trade (trade deficit) is an economic measure of a negative balance of trade when a country exports is less than its imports. A surplus is generally a positive development, while a deficit is seen as negative. 4. Go to the Ben and Jerry’s website www.benjerry.com and find the company’s mission statement. a. What three areas are included in their mission statement? Ben and Jerry's mission statement consist of three-part missions guides that are; the product mission,
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