The paper "Foundations of Business" is a perfect example of a business assignment. The factors of production that would be needed for the production of surfboards include land, capital, labor, and entrepreneur. Land represents the place in which production will take place. The land needs to be located in an ideal place, such as the coastal areas. Also, this land has to be located in a place where raw materials are readily available. Capital is needed for the purchase of equipment, pay employees, purchase land, and other related fees.
This capital may be obtained from personal savings, loans from financial institutions, and donations. The entrepreneur is needed because he is the one responsible for managing all the activities required to produce these surfboards. Finally, labor is needed and it includes the employees. The local community can provide the organization with employees. A3: The four types of competition include perfect competition, monopolistic competition, oligopolistic, and monopoly. In perfect competition, the situation is characterized by a large number of buyers and sellers. Firms in perfect competition markets sell standardized or homogenous products. In a monopolistic competition market, firms have both an element of monopoly power and an element of competition.
In an oligopoly, few firms produce identical or similar products or services. In a monopoly, one firm produces products or services that have no close substitute and such a market has significant barriers that discourage potential entrants. A4: Today, organizations are driven to success by people of integrity. Educational institutions represent one of the areas in which individuals can learn and practice integrity issues. Educational institutions have codes of conduct and the violation of these codes denies students an opportunity to obtain confident command of what they are supposed to learn.
This dishonesty is then transferred to employing organizations in the future. Behaviours that violate academic integrity include fabrication such as altering of grades and other official records and falsifying research; plagiarism such as inadequately or inaccurately citing sources, and misrepresenting the work of other people as one’ s own; cheating; and facilitation.