Week 4 Assignment – Annotated Bibliography

Week 4 Assignment – Annotated Bibliography, Business is essential to the stabilization of an economy in any country. Investment in
revenue generating businesses can help address the key challenges that face the third world
countries. Aspects of the world of economics and business are utilized in the choosing the right
businesses that aid the generation of income. The right policies for the development of
businesses are bargained for in those economies. The economy cannot grow when businesses are
stagnating. Thus, the government should unleash the potential for businesses to grow the
economy with the right support through the right policies and funding. The paper will address the
way businesses can be used in the improvement of the economy by summarizing the research
question below. The summary of how business can be used to improve the economy thus will be
outlined.
Research question: How can businesses be used to improve the economy of the country?
It is essential to put focus on the restoration of a strong economy through the investments
in businesses. Economic downtowns in the third world countries and deficits can be corrected
through the income generated from businesses. The obstacles in those countries can be turned
into opportunities that businesses can tap into (Ward, & Rhodes, 2014).
Business promotes economic growth through innovation
Innovations and business start-ups are essential in the fueling of economic growth in an
economy. They can be said to be the ultimate job creators due to the start of ingenious ideas.
Through boosting of the employment opportunities, individuals increase their discretionary
income. This implies an increase in the tax income by the government to help boost economic
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development. The income tax is essential in the repair of infrastructure, and the development of
public utilities. Tax income comes in the form of property tax, and employment tax that result
from a vibrant economy. Businesses usually realize the competitive advantages through the
concentration of focus on the production of goods and services that meet the consumer demand.
There is also the taking of risks thus creating value for the consumers. Economics can be built
through the push for entrepreneurship. National policies that promote innovations must be
pursued. In this case, it can correct economic downtowns and ensure there is prosperity for
carrying into the next generation (Ward, & Rhodes, 2014).
Businesses ensure the access to services
Businesses ensure that individuals raise the standard of living by the access to the wide
range of products and services and also amenities. Standard of living is inherent in raising the
employment opportunities. Amenities add entertainment to the citizens while generating income
for the amenities. Thus, the national policies of a country should be aimed at the boosting of
investment in businesses. The government can propose incentives for capital investment in
businesses. It should also eliminate the capital gains taxes on the business investments. Also, the
government should aid in early stage financing. Capital gaps are filled through capital funds like
guaranteed debentures and venture capital (Mason, & Brown, 2013).
Business results in political advantages
Businesses that have strong ties with the communities result in community-focused
political actions. Businesses influence campaigns. It is possible through lobbying, electioneering,
and funding of political activities. In this case, businesses can influence the legislators in the
policies that are helping to communities. Businesses can convince a presidential candidate
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promotion of policies that are helpful for the growth of businesses. This can help outline
streamline and simplify regulations for businesses. It can be noted that business paddle upstream
against current and around obstacles. The obstacles consist of rules that outmoded, regulations
that are poorly designed, and non-coordinating government agencies. These problems could be
fixed in ways that barely require funds. The government can improve transparency,
communications, and responsiveness with businesses (Davenport, & Beck, 2013).
Business supports new rules that help boost the economy
Businesses work closely with the government. In this case, the obstacles that prevent
businesses from prosperity are improved. This helps improve the business climate. The
collaborative efforts between the government and the business are essential to breeding a
sustainable economy. The government updates any policies and regulations that favor the growth
of the businesses. The new rules focus on the proven needs of the business. They result in a
collaborative effort in the creation of a better climate for sustainable businesses. The government
must map the improvements that lead to unleashing the potential for businesses in an effort to
improve the economy. The voice of the businesses and other service providers are key to the
conversion on what businesses need to flourish (Davenport, & Beck, 2013).
Conclusion
In conclusion, businesses results in job opportunities for the development of an economy.
A growing business sector can propel the country towards a stronger and vigorous economy.
Economies must realize the importance of businesses. Businesses boost employment in an
economy along with the increase in discretionary income that also increases the tax income.
High employment levels influence the living standards of individuals in an economy. These
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benefits of businesses aid in the development of the infrastructure and public utilities thus
boosting the development of an economy.
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References
Davenport, T. H., & Beck, J. C. (2013). The attention economy: Understanding the new currency
of business. Harvard Business Press.
Mason, C., & Brown, R. (2013). Creating good public policy to support high-growth
firms. Small Business Economics.
Ward, M., & Rhodes, C. (2014). Small businesses and the UK economy.Standard Note:
SN/EP/6078, House of Commons Library, 13.
Running Head: THINKING CROSS-DISCIPLINE
Thinking Cross-Discipline
Daniel Retz
Grantham University
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THINKING CROSS-DISCIPLINE
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Discuss how the disciplines you studied interact in your topic. How do your areas of study
overlap? Where might they create difficulties for you?
Discipline 1: Business; Discipline 2: Economics
Title: How can businesses be used to improve the economy of the country?
The disciplines are business and economics. While business does not have the same
concepts as economics, they interact in several ways. They also overlap which creates some
difficulties. The production of goods and services for the different stakeholders requires the use
of the concepts of both business and economics. Economics attempts to describe the decisions of
different stakeholders in the market and how they affect the economy operations. On the other
hand, business also describes the actions and decisions of different stakeholders but its main
focus is on marketing, accounting and finance, and strategic management. Economics
concentrates on supply and demand, growth, inflation, and the exchange rates (Granger, 2014).
Business is essential in the improvement of the economy of the country. Thus, business
concepts are utilized for the production of goods and services for the country leading to the
improvement of the economy. Upswings in economy provide businesses with expanded
opportunities that are critical to the growth of production in the country. In economies that are
strong, businesses have great prosperity. An understanding of disposable income,
unemployment, and consumer confidence helps comprehend also the consumer purchasing
patterns. Thus, in this case, both disciplines aid each other in decision making. In regard to price
elasticity of demand in economics, the concepts deal with pricing in business. Economists must
use business concepts to comprehend how the consumers respond to changes in prices. In this
case, consumer behavior will indicate the preferences of the consumers thus affecting the
consumer demand. In this case, it is critical in pricing of the items in the market in relation to the
changes in consumer demand. Also, an understanding of the factors that affect demand ensures
that firms utilize the concepts in manipulating the consumer behavior to have preference for their
products. When trying to understand both fixed and variable costs, firms should endeavor to
realize how the costing decisions affect the production of products and services (Ball, 2013).
Economics affect how businesses operate in the production of the products and services.
There is a great overlap in both economics and business. There are economic related business
opportunities. Such opportunities are tapped when businesses comprehend the different
economic patterns. Both macroeconomics and economies of scale are studied in both disciplines.
However, economics deals with macroeconomics in details, which is not the case in business. In
fact, business and economics should be in one portal. Both disciplines have the research
capability that is critical in influencing the national agendas thus ensuring the increased
productivity in an economy. Business can be said to have more breadth while economics has
more depth. These might create difficulties since one subject deals with a great deal of numbers
while the other one is more theoretical.
THINKING CROSS-DISCIPLINE
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Economic conditions impact the businesses in both negative and positive ways. There
might be economic downswings that expose businesses to threats that could have severe impacts
on the general production. Businesses overextend decision making resulting in layoffs and
business failures. Also, economics and business hold for different decision-making patterns.
Businesses could make slow decisions that could not be able to adapt to a changing economy.
THINKING CROSS-DISCIPLINE
References
Ball, S. J. (Ed.). (2013). Foucault and education: Disciplines and knowledge. Routledge.
Granger, C. W. J. (2014). Forecasting in business and economics. Academic Press.
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