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1. In order for business to survive, it needs the factors of production. Identify the factors and give a brief description of each, making sure to provide an example from business for each factor. In todays economy, which of the factors of production are most important to business growth and profitability, and why?

2. The United States uses a set of three key economic indicators to measure the health of the U.S. economy. What are these three key economic indicators, and what does each indicator tell us about the health of our economy? What are the advantages or disadvantages of looking at just one of these indicators without considering the others?

3. There is a variety of strategies that a business can use in order to reach global markets. For each of the following businesses, which strategy would be appropriate? Once you have selected an appropriate strategy, provide one advantage and one disadvantage the business may encounter when employing the strategy.

• A manufacturer of high-tech drones used to map the surface of the planet Mercury

• A clothing company that specializes in designer clothing for children under the age of ten

• A doughnut shop that has locations in thirty-two states but now wants to take its bake-and-take doughnuts to the global market

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