Assignment 1

Issue 1.

Your text discussed several external environmentsbusiness must deal with. Of those, which provides the biggest challenges for a business owner? Please provide justification and research to support your selection.

Also, of the different environments discussed, which presents the greatest opportunity? Again, please share your reasoning with support from research, not just the name of the environment.

Issue 2.

Use the information in the table below to construct a supply/demand curve. (You may construct one on your computer and copy/paste or do it by hand and include a photo of your work.)

• At what price will there be equilibrium in the market?
• What market condition would exist at a price of $750?

Qty Supplied	Price	Qty. Demanded
450	2000	150
400	1750	200
350	1500	250
300	1250	300
250	1000	350
200	750	400

Issue 3.

Issue 3.

You read about patents and know they can extend for 20 years. Consider these two instances: Jack invents a new can opener and is granted a patent. Jill invents a pharmaceutical that cures brain cancer by simply taking one of the new pills she invented and is also granted a patent.

Is the twenty-year life of the patent appropriate for both instances? Share your thoughts, supported by an example or research.

Issue 4.

Franchises are not all the same. Very successful, proven franchises are usually very expensive, and while a business person can obtain a relatively new franchise less expensively, there is the risk that the franchise will not stand the test of time.

Use the internet to find information about a franchise that might be a very good option for someone wanting to go into business. What financial resources are required for the start-up? What other franchises are competitors for your choice? Be sure to include references for the websites you learned your information at the end of your response.