Bus 210 Week 9 Final Paper

1) When considering the business environments, I believe the technological environment to have the greatest impact on most businesses today. Modern communication tools allow for constant connectivity of employees, able to further enhance their productivity and availability. We’ve already seen shifts due to technological advances in the unemployment rate as “workers are so productive that fewer are needed” (Nickels, 14). These advances will continue to push businesses to adapt and will cause further shifts in the types of jobs available to modern society as well as how companies will hire. As our text notes “in the years since the recession of 2007-2009, freelancers have become more important to the business world than ever before” (Nickels,

As our text describes “prices are determined by buyers and sellers negotiating in the marketplace” (Nickels, 37). According to the supply theory, Sara’s willingness to offer an item will decrease at lower price points and increase at higher ones, however the demand theory states her clientele will be more willing to purchase the items at a lower price and less so at a higher price. If her prices are too high, she’ll cause a lower demand from her clients, but if they are too low she’ll risk not being able to meet the greater demand from her clients as well as potentially not earning enough profit to sustain her business.

As a part of the free market here in America, her competitors will also play a part in how Sara will set her prices. If there are more restaurants offering similar dining experiences than there are patrons willing to dine in them, then Sara and the other restaurant owners will be forced to lower their prices. However if the demand for this particular cuisine exceeds the capacity of the overall supply then Sara and her competitors will be able to raise their prices to increase their