lamar and two of his friends are starting a new tech business and are meeting to decide the firm’s organizational structure. during the meeting they will most likely discuss issues related to

Lamar and two of his friends are starting a new tech business and are meeting to decide the firm’s organizational structure. During the meeting they will most likely discuss issues related to how they want to structure the organization, what different departments they will have, who is in charge of the different departments and more. When starting a business, a business plan needs to be in place so that there is a blueprint of how they want it to be ran. Although things do not also go as planned, having a guideline helps them get back on track if the get off periodically.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know