Economics Revised

Name
Professor
Title
Date
Economics
Question 1
It is the objective of all businesses to minimize cost, maximize profits, maximize market share and to maintain steady growth. The most important goal of an effective economic management is to make a profit and keep it. The profit-margin ration is one method of measuring the total amount of many a business makes from the total revenue. Minimizing cost is the other goal cost controls are used to reduce and manage business expenses. The other goal is to increase market share market share is the average sale of a given business within a given period of time in relation to the industry sales. The last goal is to maintain steady growth in earning steady growth ensures business continuity. Capitalism and free market affect implementation of effective economic management affect the implementation of these goals in the U.S. in that the US government doesn’t have control of prices of services and goods.
Question 2
As a consumer in the US, I have benefited from free and open policies in that these policies have offered the best opportunity to improve my living standards. As a consumer, I have enjoyed choices of variety, styles, and brand. For instance, during winter I had to make choice between a high price pure wool coat a product made in America and a low priced synthetic coat a product made in Mexico. The policies have not caused any concerns for me.
Question 3
On the other hand, export and imports from industrial countries are higher as compared to developing countries.

Amongst the government policies that would encourage trade in developing countries include; increasing credit availability, credit availability whether long-term or short-term is vital to exporters. Considerable numbers of firms in developing countries are comprised of SMEs to favor export improvement in this domain is crucial. Other policies may include regulation simplification as well as improving collaboration amongst economic actors.
Question 6
Some of the important trends in the globalization of business today include; innovation, communication, clean technology as well as increased competition (Dunning 12). These trends are likely to continue due to increases investment in research and development. All these trends are basically founded on technology which is driving innovation in all spheres of our lives.
Work Cited
Dunning, John H. The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge, 2014.