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Exam 1 for Introduction to Business!

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Essay Questions (please answer at least 3 of the following 5 questions if you wish to answer all you will get extra credit)! I am looking for, of course, your improved writing skills, but more importantly, as your professor, I am looking for how you use the classroom knowledge in real life application.

1. List and describe the four basic rights in the private enterprise system. Is it in your mind important that people can own the factors of production (like land - businesses, building, etc…). Why? Give an (or some) example(s) of how you see the concepts at work in reality. Finally, how will you leverage your new knowledge and understanding of this concept to benefit you in the real world of business (or life)?

2. Define the term vision. Why is vision an important skill today? In your view what is more important in promoting world peace businesses and business creation (employment) or Government? Explain? Give an (or some) example(s) of how you see the concepts at work in reality. Finally, how will you leverage your new knowledge and understanding of this concept to benefit you in the real world of business (or life)?

3. What was the most important lesson that you will take away from the ENRON movie? Please explain in at least two small paragraphs! Give an (or some) example(s) of how you see the concepts at work in reality. Finally, how will you leverage your new knowledge and understanding of this concept to benefit you in the real world of business (or life)?

4. What are business ethics and why are they important? Can you make money being unethical? What happens in the long-run? Give an (or some) example(s) of how you see the concepts at work in reality. Finally, how will you leverage your new knowledge and understanding of this concept to benefit you in the real world of business (or life)?

5. Why have U.S. firms become increasingly focused on international business? Would you ever consider getting involved in international business? Explain what your might could try? Give an (or some) example(s) of how you see the concepts at work in reality. Finally, how will you leverage your new knowledge and understanding of this concept to benefit you in the real world of business (or life)?