Macdonald's Case Study
PART 1:
QUESTION 1A)
.Natural resources, labor, capital are the four most important factor of the economy. Mainly the factor of productions is the pillar for the success of the economy. It has always been observed that the four-factor of production has become an important factor in the businesses which are related to service and manufacturing or production industry. In the business of fast food chain, MacDonald’s from US-based fast food is considered as one of the most successful food chains of the world. Throughout the world, it covers a huge no customer which is nearly around 69 million. The company has established its presence in 36,900 locations. The revenue that they earned in the year 2016 is the US $ 4.686 billion. The restaurant has …show more content…
Capital is used in the construction of the building and to buy, delivery vans, and tools machines, utensils. The decoration of the MacDonald’s restaurants also requires significant capital investment. Capital is invested in each restaurant of MacDonald’s which is significant in nature. The capital is one of the most primary requirements which is required to arrange natural resources and labor.
QUESTION 1D)
Entrepreneurship is another important factor in production which is used to combine all another factor of productions. All the factors are put together to earn the maximum profit. The restaurant entrepreneur uses to adopt the policies and practices which is required for the purpose of innovating things and to create demand for the products. MacDonald’s use to produce Hamburger and it is the first product and thereafter they use to produce cheeseburgers, chicken products, French fries, breakfast items, soft drinks, milkshakes, wraps, and desserts. Variety of food range also helps us to create a footmark in the different nations of the world. (Stlouisfed, 2017).
QUESTION …show more content…
They have a very little sense in relation to opportunity cost. An example is very useful and easy to understand the opportunity cost in real life. Only some question and answer will help us to understand the real-life scenarios. Say about your lifelike from 2016 to 2016. What is your choice or you want to do after passing from college. What is your expectation of salary package from your job? The answer of the above question will help us to understand the basic rules of economics. What is your aim after passing from college will help us to understand the current scenario of
QUESTION 1A)
.Natural resources, labor, capital are the four most important factor of the economy. Mainly the factor of productions is the pillar for the success of the economy. It has always been observed that the four-factor of production has become an important factor in the businesses which are related to service and manufacturing or production industry. In the business of fast food chain, MacDonald’s from US-based fast food is considered as one of the most successful food chains of the world. Throughout the world, it covers a huge no customer which is nearly around 69 million. The company has established its presence in 36,900 locations. The revenue that they earned in the year 2016 is the US $ 4.686 billion. The restaurant has …show more content…
Capital is used in the construction of the building and to buy, delivery vans, and tools machines, utensils. The decoration of the MacDonald’s restaurants also requires significant capital investment. Capital is invested in each restaurant of MacDonald’s which is significant in nature. The capital is one of the most primary requirements which is required to arrange natural resources and labor.
QUESTION 1D)
Entrepreneurship is another important factor in production which is used to combine all another factor of productions. All the factors are put together to earn the maximum profit. The restaurant entrepreneur uses to adopt the policies and practices which is required for the purpose of innovating things and to create demand for the products. MacDonald’s use to produce Hamburger and it is the first product and thereafter they use to produce cheeseburgers, chicken products, French fries, breakfast items, soft drinks, milkshakes, wraps, and desserts. Variety of food range also helps us to create a footmark in the different nations of the world. (Stlouisfed, 2017).
QUESTION …show more content…
They have a very little sense in relation to opportunity cost. An example is very useful and easy to understand the opportunity cost in real life. Only some question and answer will help us to understand the real-life scenarios. Say about your lifelike from 2016 to 2016. What is your choice or you want to do after passing from college. What is your expectation of salary package from your job? The answer of the above question will help us to understand the basic rules of economics. What is your aim after passing from college will help us to understand the current scenario of