Minimum of 3 double-spaced pages. (PLEASE USE NO LARGER THAN A 12 POINT FONT) and margins no larger than 1” wide. Please note that graphics should not be included in the page length.You must incorporate cited resources for each question into your KB (can use the text, the module resources, or qualified internet sources). Feel free to incorporate a quote or cut and paste information into your KB, but you need to make sure that you have properly quoted and cited your sources, and that they are properly vetted sources. If you are quoting a source then they need to have the credentials that qualify them as an expert on the topic. So make sure if you are quoting a post from a forum, blog or vlog; make sure the person who wrote it is considered an expert in the field based on either formal education or a designation achieved
Questions
1. Discuss one of the four types of scarce resources and how you would use that resource most effectively.
2. How do the laws of supply and demand affect ongoing business, and what policy or system could you use to help? Please give one example of an effect of supply or demand and then describe how you would manage the situation. Please be detailed and specific with a tangible example.
3. Describe one type of systematic risk and one type of unsystematic risk and then explain how a business would create a plan to address the risk.
4. What is the difference between strategic planning and functional planning and describe specific situational uses for each type of planning.
5. Describe one of the types of business organization and what circumstances would make it the best organization to use.
6. Name a specific benefit to writing a business plan when creating a new business? Explain your answer.
