file:///C|/Users/linziyu/Downloads/Case%20Study%20Grading%20Criteria.html[10/5/2016 5:52:48 PM] Case Studies: The practical application of business skills. Case studies give you a chance to apply your growing knowledge of business principles across many important topics. These homework assignments take time to do well. Allow at least 1-2+ hours to prepare your answers for these case studies. Don't wait until the last minute to complete these assignments. It will add unneeded stress to you life. Take the time to do your best. You'll be glad you did! You will also learn so much more in this class. Your grade will be determined by the following factors: 1) Your thoughtful analysis of each question Demonstrate the ability to use both video info and textbook info to answer each question Identify the key, most relevant information provided within the video Explain how this information relates back to the chapter content in our textbook Include appropriate level detail and insight in each of your answers Use relevant business vocabulary from our textbook 2) Use of at least one independent research source to support your answers 3) Use of MLA citations in each of your answers as appropriate for all research reference (including our textbook & case video) 4) Inclusion of a Works Cited section (e.g. MLA formatted bibliography) Include at the conclusion of each assignment List each of the research sources used Include our textbook and case video info every time 5) Use of appropriate grammar and accurate spelling At least 1-2 detailed paragraphs per question are required to receive the maximum points for each case. Overly brief answers will not receive full credit. Each question must be answered. Unanswered questions will significantly lower your grade. You homework submission should be well organized and well written. Homework will be graded within one week of the homework due date unless you are advised otherwise. Local DiskC:\Users\linziyu\Downloads\Case Study Grading Criteria.html file:///C|/Users/linziyu/Downloads/Example%20Case%20Study%20Submission.html[10/5/2016 5:55:09 PM] Abide Fghijlk Introduction to Business Professor Maros Chapter 2 Case Study: Fresher than Fresh - Economics and how businesses can build and distribute wealth 1) Explain how Lindsay obtained the funding to start her business. In the Fresher Than Fresh (FTF) video, Lindsay explains that she started financing her business out of her own pocket. However, she soon realized that she would incur a lot of expenses because of her desire have her products be 100% organic. She received some financing from investors who wanted to see her business succeed. 80% of these investments were made by local people who trusted in Lindsay and believe that this business was going to be successful. 2) Explain the different economic systems and how Lindsay's business might fare under each one. According to ...

1. file:///C|/Users/linziyu/Downloads/Case%20Study%20Grading%
20Criteria.html[10/5/2016 5:52:48 PM]
Case Studies: The practical application of business skills.
Case studies give you a chance to apply your growing
knowledge of business principles across many
important topics. These homework assignments take time to do
well. Allow at least 1-2+ hours to prepare
your answers for these case studies. Don't wait until the last
minute to complete these assignments. It will
add unneeded stress to you life. Take the time to do your best.
You'll be glad you did! You will also learn so
much more in this class.
Your grade will be determined by the following factors:
1) Your thoughtful analysis of each question
Demonstrate the ability to use both video info and textbook info
to answer each question
Identify the key, most relevant information provided within the
video
Explain how this information relates back to the chapter content
in our textbook
Include appropriate level detail and insight in each of your
answers
Use relevant business vocabulary from our textbook
2) Use of at least one independent research source to support
your answers

2. 3) Use of MLA citations in each of your answers as appropriate
for all research reference
(including our textbook & case video)
4) Inclusion of a Works Cited section (e.g. MLA formatted
bibliography)
Include at the conclusion of each assignment
List each of the research sources used
Include our textbook and case video info every time
5) Use of appropriate grammar and accurate spelling
At least 1-2 detailed paragraphs per question are required to
receive the maximum points for each case.
Overly brief answers will not receive full credit. Each question
must be answered. Unanswered questions
will significantly lower your grade. You homework submission
should be well organized and well written.
Homework will be graded within one week of the homework due
date unless you are advised otherwise.
Local DiskC:UserslinziyuDownloadsCase Study Grading
Criteria.html
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%20Submission.html[10/5/2016 5:55:09 PM]
Abide Fghijlk
Introduction to Business
Professor Maros

3. Chapter 2 Case Study: Fresher than Fresh - Economics and how
businesses can build and
distribute wealth
1) Explain how Lindsay obtained the funding to start her
business.
In the Fresher Than Fresh (FTF) video, Lindsay explains that
she started financing her business out of her
own pocket. However, she soon realized that she would incur a
lot of expenses because of her desire have
her products be 100% organic. She received some financing
from investors who wanted to see her business
succeed. 80% of these investments were made by local people
who trusted in Lindsay and believe that this
business was going to be successful.
2) Explain the different economic systems and how Lindsay's
business might fare under each one.
According to Better Business (p. 26-27), Capitalism is an
economic system that allows freedom of choice
and encourages private ownership of the resources required to
make and provide the goods and services
we enjoy. On the other hand, Communism (p. 26) is an
economic system in which a state's government
makes all economics decisions and controls all the social
services as well as many of the major resources
required for the production of goods and services. Finally,
Socialism, is defined as a system whereby the
government owns or controls many basic businesses and
services and the profits from them are distributed
evenly among the people.
The FTF video explains some differences that can be found

4. between these economic systems. Capitalism
tends to be defined as a free exchange. People are in charge of
setting their own prices and promoting
their own products. In this economic system people is allowed
to keep their profits for themselves.
Communism does not provide for private business profits.
Socialism allows businesses to keep some profits
but they have to pay high taxes so the government can provide
extensive public services. It's important to
mention that some countries have a mixed economy, where
countries can have elements of all
three systems.
Lindsay's business works within a capitalist system. She is free
to produce her own products and she has
the right to keep profits. It's important to highlight the fact that
she has to pay taxes as all businesses do.
In her case, it would be really hard to develop this business in a
socialistic or communistic economy. In a
socialistic economy she would have to pay higher taxes that
wouldn’t allow her to maintain
her businesses profitability. Her costs are high and the price of
her product is $3.00 which is not that high
to cover all of her expenses (Fresher Than Fresh, video). If
Fresher than Fresh operated in a
communist economy, Lindsay would be working to receive
benefits from her government instead of being
able to keep her own profits.
3) Describe Adam Smith's concept of the "Invisible Hand."
According to Investopedia.com, the "Invisible Hand" theory by
Adam Smith is defined as an
economic phenomenon where a free market itself sets prices
based on supply and demand. The belief is
that there is no need for intervention from the government or

5. any other institution. This term can relate to
Fresher than Fresh because it describes how this business
operates in its economic environment.
FTF's price is determined by the demand and the supply of the
resources available (Fresher Than Fresh,
Video). In this case, FTF's success is based on how many
customers want to purchase its snow cones.
Under the Invisible Hand the business itself will establish a
price, set a demand goal and purchase the
supplies required to satisfy projected demands.
4) Describe the different forms of competition: Perfect
competition, oligopoly, monopolistic competition and
monopolies.
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Better Business (p. 35) describes the differences among forms
of competition. Perfect competition occurs
when there are many buyers and seller of virtually identical
products and no barriers of entry. Oligopoly
refers to the existence of a few sellers, who have a fairly large
share of the market. Monopolistic
competition makes reference to many buyers and sellers and
little differentiation that exists between
products, however, there is a perceived difference among
consumers. A monopoly occurs when a provider
of a service or a good has control of all or nearly all of its
market.
It's pretty important to clarify the difference between these
degrees of competition. First, a monopoly
describes the situation of a unique business in the market.

6. Oligopoly makes reference to a few businesses
who participate in the market, and who own the biggest shares
of it. Moreover, monopolistic competition
makes reference to a market that has different businesses with
similar products but still the consumers
notice the difference between them. Lastly, in perfect
competition the market has identical products and
there are no barriers to enter in the market, which means that
anyone can participate (Investopedia).
Based on the information in the video, Monopoly would best
describe her business at this stage. She is the
only one who has a snow cones business in Kansas, which
means that there are no substitutes for her
product. She can develop any new ideas without worrying about
competition. Of course there are similar
businesses, but none of them sell snow cones or produce a 100%
organic product. Lindsay has enjoyed
much success so far because she has had no direct competition
as she is unique in her market.
5) How might Lindsay's business, Fresher Than Fresh be
impacted by changes in economic cycles?
The four primary economic cycles are 1) expansion, (2) peak,
(3) recession, and (4) recovery. Fresher then
Fresh can be impacted in different ways. In expansion and peak
Lindsay will be benefit from a good
economy that provides opportunities to improve her business. A
recession could slow the demand for snow
cones and she might lose many of her customers because they
will be saving more money and spending
less on non essential items.
However, it's important to mention that Fresher Then Fresh
would not be overly effected by

7. economic downturns. Even if the economy enters in a recession,
Lindsay's product is a simple luxury that
people would still be able to afford even in tough financial
times. Her products uniqueness, low relative
cost, high quality make it an affordable "splurge."
Works Cited
"Fresher than Fresh:Economics: How Business Bulds and
Distribute Wealth." Pearson. N.p., n.d. Web. 29
Sept. 2015.
"Invisible Hand." Investopedia. N.p., 20 Mar. 2015. Web. 30
Sept. 2015. .
Solomon, Michael, MaryAnne Poatsy, and Kendall Martin.
Better Business. 4th ed. Pearson Education, 2015.
Web. 20 Nov. 2015.
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Chapter 1 Assignment - Muttville: 7 Key
Business Rules in the Pursuit of Success
Our first assignment is a case study involving a non-profit
organization, Muttville, and the rules the
company must follow for success.
Case Study Synopsis
Muttville is a non-profit organization that aims to improve the

8. lives of older dogs through foster care,
adoption, education, and community. In their efforts to help
senior rescue dogs, Muttville must consider
five factors of production: natural resources, capital, human
resources, an entrepreneurial spirit, and
knowledge. In addition to these factors of production, Muttville
must respond to the business environment
in which it operates. This involves following state regulations,
putting technology to use for the business,
understanding and dealing with changes in the demography of
the region, and dealing with competition
from related organizations. In order to operate successfully,
Muttville must follow many of the seven rules
for success: honoring stakeholders, coping with uncertainty,
dealing with competition, managing a common
enemy, remaining true to ethics, understanding societal
differences, and undergoing self-development.
You will need to complete a number of activities for this
assignment, please be sure to read each step
carefully and check your work prior to submission.
Preparation
1. Review the chapter 1 study materials.
2. Log in to Pearson BizLab and navigate to the Case Study
Videos option on the left menu bar to
watch the video titled "Muttville: 7 Key Business Rules in the
Pursuit of Success"
3. Review the Case Study Grading Criteria & Example Case
Study Submission
Deliverable
After you have completed reviewing the textbook and
preparation above, create a Word document in which
you address the questions below. Make sure to include the

9. question number with each of your answers.
You answers should be detailed and showcase your knowledge
taken from the video and your use of
appropriate business concepts and vocabulary from our
textbook.
Submission Requirements:
1. Your responses should be neatly formatted and numbered in a
single-spaced Word document.
2. Each of the answers should be your own original writing.
3. Cite all references from the textbook and your own research
sources using MLA guidelines.
4. Submit your completed homework to the Drop Box by the
assignment deadline.
5. As a review before, and as a guide as you write, consult the
case study grading criteria and example
to help you.
Case Study Questions:
1. Compare and contrast profit and non-profit businesses. What
are the similarities? How do they differ?
Please be specific.
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10. 2. List each factor of production. Describe how each factor
relates to Muttville.
3. Describe how Muttville is affected by the different business
environments. E.g. technology, social,
regulatory etc.
4. Identify the seven key business rules as they apply to
Muttville. Explain how each rule is related to
Muttville's success. Please make sure you address all seven
rules.
Approximate Completion Time: between 1.5 and 2+ hours
If you still have questions, ask your instructor! I'm here to help
you.
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