Assignment 8: The Business World
Assignment 8: The Business World
(24.0 points)
1. Choose a good that you are familiar with, such as a t-shirt, a tennis racket, a cupcake, a pair of sunglasses, or any other good. Be sure to choose something specific. Then, analyze its economic utility, using the questions below.
a. Describe the good you chose to analyze. (1 sentence. 0.5 points)
I chose a t-shirt to analyze.
b. Describe the form utility of this good. Is the form utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)T-shirts are a form of clothing that is used as an undershirt or an alternative to button up, polo shirt, etc. The t-shirt is very good at completing its utility.
c. Describe the place utility of this good. Is the place utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points) This utility is good for everyday life. Many people have t-shirts.
d. Describe the time utility of this good. Is the time utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points) T-shirts are good any time of year. They are worn in mostly warm weather though.
e. Describe the possession utility of this good. Is the possession utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)It does not have a possession utility.
f. Describe the information utility of this good. Is the information utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points) It does not have a information utility.
2. List at least one activity that a company might do during each of the following stages of business:
a. Identify (0.5 points) In the Identify stage, the entrepreneur who is considering starting the business identifies a business opportunity and decides whether to pursue it.
b. Plan (0.5 points)
During the Plan stage, business people research the business idea and prepare a written business plan. c. Start (0.5 points) During the Start stage,
(24.0 points)
1. Choose a good that you are familiar with, such as a t-shirt, a tennis racket, a cupcake, a pair of sunglasses, or any other good. Be sure to choose something specific. Then, analyze its economic utility, using the questions below.
a. Describe the good you chose to analyze. (1 sentence. 0.5 points)
I chose a t-shirt to analyze.
b. Describe the form utility of this good. Is the form utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)T-shirts are a form of clothing that is used as an undershirt or an alternative to button up, polo shirt, etc. The t-shirt is very good at completing its utility.
c. Describe the place utility of this good. Is the place utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points) This utility is good for everyday life. Many people have t-shirts.
d. Describe the time utility of this good. Is the time utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points) T-shirts are good any time of year. They are worn in mostly warm weather though.
e. Describe the possession utility of this good. Is the possession utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)It does not have a possession utility.
f. Describe the information utility of this good. Is the information utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points) It does not have a information utility.
2. List at least one activity that a company might do during each of the following stages of business:
a. Identify (0.5 points) In the Identify stage, the entrepreneur who is considering starting the business identifies a business opportunity and decides whether to pursue it.
b. Plan (0.5 points)
During the Plan stage, business people research the business idea and prepare a written business plan. c. Start (0.5 points) During the Start stage,