The Three Questions of Economics Assignment | Delaware County Community College

University:
Delaware County Community College
Course:
BUS 100 | Introduction To Business
Academic year:

2023
Views:

184

Pages:

2
Author:

Janiyah Foster

● Suarez Farms and Super-Phonic Systems had some difficult decisions about what to make, who to make it for, and how to make it. Each business first had to think about the kind of product or service it wanted to provide before considering if it was the best fit for the market. Finally, the companies had to take their customers’ wants and needs into consideration. In making their decisions, both companies had to remember the factors of production: land or natural resources, labor and capital. ● Which part of Suarez Farms represents the capital invested in the business? farm equipment the Suarez family owns ● Based on what you have read about Suarez Farms, what are the costs and benefits of growing organic vegetables? Check all that apply. Growing organic vegetables helps improve the health of soil, allowing for a healthier crop. Growing organic vegetables may limit the resources available for new farm equipment. Growing organic vegetables is more expensive than traditional methods. ● Based on what you have read, provide two positives and two negatives the Suarez family would face if they switched to organic farming. Organic farming would have higher costs, and would be more complex than conventional farming. However, the Suarez family could charge a higher price for organic produce. This type of farming also would be better for the land. ● Based on what you read in the fact sheet, identify the type of customer the company is hoping to reach. Super-Phonic Systems wants to sell phones to customers who: need affordable phone service in remote areas. ● Based on what you have read, provide three reasons why Super-Phonic decided to make a specific type of phone in a specific way. SuperPhonic believes that demand among its target customers is strong for its specific products and services. The company thinks it is better than its competitors at providing this type of phone and service at a reasonable rate. Finally, SuperPhonic believes that adding smartphone features to its phones would make them more expensive and less reliable.