Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant.a.Define opportunity cost.b.What is your aunts opportunity cost of running a hardware store for a year? If your aunt thinks she can sell $510,000 worth of merchandise in a year, should she open the store? Explain
Technology in business Chapter 2 Notes -Competitive advantage: any assets that provide that provide an organization with an edge against its competitors in some measure such as cost, quality, or speed. It helps an organization control a market and get larger profits. Business Pressures -Business Environment: the combination of social, legal, economic, physical, and political factors in which businesses conduct their operations. Any change to any of these factors can create business pressures on organizations. Market Pressures -Market pressures are generated by the global economy, intense competition, the changing nature of the workforce, and powerful customers. -Globalization: the integration and interdependence of economic, social, cultural, and ecologica
