Handout for Assignment 1.1: The Business Environment
Instructions: Complete the following activities and submit as directed by your
instructor.
1. In a visual way, develop a timeline of the evolution of business in the
United States.
• You may be creative in this, but you must be able to submit your
timeline electronically (in a Microsoft Office or other application).
• For each era in the evolution of business, list at least two ways we
have improved the way people do business now as compared with
the previous era.
2. Select a business that you might be interested in starting at some point in
your future career.
• Describe the business in one or two sentences.
• Describe the five factors of production for this business that are
required for this business’s success. Limit your answers to one or
two sentences for each factor.
• Discuss briefly your thoughts about the potential supply and
demand for your goods or services of this business.
o What factors will increase demand?
o What factors will decrease demand?
o What factors will increase supply?
o What factors will decrease supply?
3. For each of the six business environments, identify at least one potential
problem that your business may face. Explain this problem in one or two
sentences.
Introduction to Business Handout 1.1
© 2012 Pearson Education
Page 1 of 2 6/24/2013
Introduction to Business
Handouts
4. Complete the following table by identifying a specific business example and
completing the remainder of the table. Do not use any example that was
presented in the textbook.
2 answers
1 answer