1. In the free enterprise system, the profit motive is basically a "decrease for increase", which means that the suppliers have to decrease their prices to increase their consumers because of their competitor's prices. Their impact makes the businesses income basically be on a roller coaster.
2. The price factor is based on whether the industry is mature, whereas the focus is is on lowering prices. An established firm can lower prices because it benefits from lower costs and more experience. The nonprice factor is for the younger  industries where price is not a strong factor. Other factors such as quality, service, and reputation, are more important.
3. Wants are things that you can do without on the daily basis. For example, a young girl may go shopping and see a top that they like, their first quote would be, "I need this top", whereas they already have many tops in their closet and they just want it because they like what they see. Needs are things that you cannot do with out, such as air, water, food, a place to sleep. The basic essentials in life.
4. The relationship between cost and profit is the fact of how much you pay for the product determines how much you retail the product for. The relationship between supply and demand is that the company must supply depending on how much the demand is.

the role profit motive and competition plays in the free enterprises system is for incentive and a way to measure success in a free enterprise systems. competition provides choice, and force companies to improve quality and become more efficient.


price competition is where a company tries to distinguish its product or services from competing products on the basis of low price.

Non price competition is a market strategy which one firm tries to distinguish its product or service from competing  products on the basis of attributes and workmanship.


Needs is something you must have to survive and wants is something you would like to have.

The relationship between cost and profit is the calculation of the of the overall valve of a business venture.



Supply depends upon the demand of a commodity and demand refers to the quantity of a commodity which a consumer is willing to buy at given price.

Entrepreneurship and the Economy

1. A profit motive plays the role of making a profit for a free enterprise system business. Competition plays a role of competing with other business that sells and distributes the same products. The impact of a profit motive helps the company to grow and expand from the profits that they make after paying expenses. The impact of competition is that it forces you to improve in quality of your products that you sell and distribute.

2. Alot of businesses compete with each other with price and non price factors. In a electronic industry, prices is a major factor. The prices always fluctuate on electronics because companies try to be the most reasonable one when it comes to there competition. Prices and non price factors helps businesses to get products at a lower rate.

3. A need is something that people need to maintain a particular lifestyle and a want is something that you do not need but will love to have as your own.

4. After reading the passage I have learned that supply and demand and cost and profit has there similarities. Supply and demand deals with the amount of valuables being sold to consumers which also deals with cost of the valuables for consumers to see if its possible for them to make a profit from it.

Section 1.1 Key Concept Review and Critical Thinking

1. The role of profit motive in the free enterprise system is to act as a way of measuring success. The more money one makes, the more successful the business is. The impact of the profit motive is that it encourages business owners to find ways to cut costs so as to maximize their profit. The role of competition in the free enterprise system is to lower the price of competing goods. With many competing goods on the market, the one thing that will distinguish them (since qualitatively they are similar) is the price. Savvy consumers will seek out the lowest price, and, given the competition between goods which are similar, the product with the lowest price will be bought ahead of the more expensive prices. Thus, the impact of competition is that businesses will seek to keep their prices low to attract consumers.
2. Price competition exists between competing businesses. Often they are able to lower price due to lower costs and a more experienced workforce. Additionally, producing in higher volumes will lower the cost as well. Thus the impact is that price competition encourages businesses to find ways to cut costs so as to lower the price of the product. Nonprice competition also exists between competing businesses. These factors include quality, service and reputation. Thus, nonprice competition impacts businesses by leading them to improve on quality, service, and reputation.
3. The difference between wants and needs is that needs are things one needs to survive, such as food and shelter. Wants are simply things desired by a consumer, but are not necessary for their survival.
4. The relationship between cost and profit and supply and demand is that supply and demand determine the cost of the product. When demand is high and supply is low, the price will go up. When supply is high and demand is low, the price will go down. Thus, the cost and consequent profit gained is determined by the supply and demand of the product.

Question 1

The profit motive encourages the production of quality products that truly meet the needs of consumers. This is the the money that is left after all expense have been deducted from the income. The competition it is good for consumers because it provide choices.it forces companies to improve quality and becomes more efficient, and it leads to a surplus,which brings prices down
Question 2

Business compete on the basic of price and non price factors. in a mature industry as electronic, prices is a factor and the focus is on lowering prices. Prices and non price factors as a major influence on business. This helps the business to get items at a lower rate.

Question 3

A need is a basic requirement for survival that people want. A want is something that you do not have to have for survival, but would like to have


Question 4

The relationship between supply and demand and cost and profit. From reading the passage i have notice that supply and demand and cost and profit has a lot to do with each other. supply and demand as a lot  to do with the amount and how much of the product is being sell to the costumer. It also deals with the cost of the product and for the costumer to see if they can make a profit out of the deal.

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1. In todays society, Profit and Competition play and essential role in the free enterprise system because lucrative businesses  benefit from low prices that they offer to consumers, however consumers prefer a better buy as a result business that   offer reasonable price  gets the upper hand. On the other hand this will force businesses competitors to bring prices down and bring relief to consumers because they have the freedom of choice.
2. Price can be described as how large companies or firms lower their to increase sales, and non-price competition is how small business or firms don't rely on prices but practice consumerism to keep up with competition in the business market
3. A need is a necessity for survival such as food or shelter in addition a want is something that you already have and don't really need for survival.

Number 4

The relationship between cost, price, demand and supply is that: demand and supply determine how a product is priced. Supply and demand determine the price customers are willing to pay for the number of products producers are willing to make. If something is in heavy demand but short supply prices goes up. But, if products are heavy in supply but in short demand prices goes down. If a product is sold at a higher price there will be a lower demand. 

Number 3

The difference between needs and wants is that: Needs are the things in which we needs for survival such as food, water, clothing and shelter. Whereas, wants are just things that we desire to just have but do not have to have.

1-profit motive plays a big role in the enterprise system on the business impact because the more business that is there the more competition it will be causing prices to drop so that there customer will increase causing there business to be a successful one .

2-the price an non price  competition to the business impact it that the customer is always looking for the better deal an also quality so once your business   falls in role with that u will have a very successful business .

3-want is some that u want an don't really need an this is were most of us fall because we spend more on wants than needs, Needs are something that will better off your future ,to get u were you need to be .

4-the relation between the cost an profits an supply an demands falls hand in hand because u have to look at the product you are buying then you will have to look at what will you profit when you sell the product also have to make sure the supply is good so that you can get what you demand of getting for your product .

Number 2

Price is important to mature industries but they often  focus on lowering prices, this is beneficial to them and also from their experiences. Even when revenues are lost due to price in large firms they can be made up through higher volume. The same is not true for younger industries; they must focus on non-price. More important factors are quality, service and reputation, avoiding chances to compete on price factors. They add value to the market, differentiating themselves from the competition.

Number 1

In a free enterprise system Profit motive targets the amount of profit that is to be earned and measures the success of that business. Competition is good for consumers because it provides choices, forces companies to improve quality, it becomes more efficient and leads to a surplus that brings prices down. Profit motive and competition encourages the production of quality products that meets the needs of consumers and can bring prices down; therefore, the impact that profit and competition has on the free enterprise system is that consumers are able to choose which products they buy and where they purchase them from and at a better rate. 

1.I believe that when it comes to decision making, that you should follow the seven steps. To every goal or anything that you are trying to accomplish you must have a plan. Same thing applies to decision making.

Number 1: You must define all of your needs and your wants. It simply means that you must take the time to think of what you want in your life, things like if you want to be working for people or do you want to own your own business. The type of lifestyle that you want to live. Can even be the type of house or neighborhood that you want to be in.

Number 2: You must analyze your personal resources. Which means the career that you can see yourself doing well in. Finding out your interests which means of you being aware of who are and what you have to offer will help you make good choices in life.

Number 3: You must identify your career choices. Which means that you will select several careers and match them to your need and resources. Take the time to research to see in which you think will suit you best.

Number 4: Research your career choices. Which means getting to know what you are getting into.

Number 5: Evaluate your career choices. which means by learning and understanding the field so that when you take the time to learn it you will already have a understanding of it.

Number 6 and 7: Make your decision and plan how to reach. Which means that you might change your career path because it may seem unrealistic or undesirable to you, but you can then repeat all of the steps to decision making to start another path.

2.With a $1000, I would use the seven steps to use the money wisely. By that I mean I would take the time to invest the money into learning to better myself in life, or invest the money to turn into more.

3.You can identify your career choice by simply knowing the things that you love. Someone once told me that you get into a career that you know what you love because it makes working easier for you. That showed me that its not all about the money, its about using your time wisely and doing something that you can enjoy and have a passion for.

General Values

Courage is an important value of mines because with courage I am not afraid to complete my goals/dreams. Courage is not the absence of fear, but the strength to overcome it and once you can overcome fear you can accomplish anything.
   
Relationships is another value that is important to me.  Having good relationships with friends, family, co-workers can carry you a long way as to where you where you want to go in life.    

General Values

The three values most important to me are:

1. Responsibility: In order for a person to become successful they must first learn responsibility. Responsibility helps one to learn how to take care of something or someone that is important to them, even beneficial. A responsible employee is on time for work takes their duties seriously, knows what they want and pushes towards that goal. That employee then becomes a valuable asset to the workforce.
2. Compassion: Compassion can show the type of person that  you are by the way you treat people that are maybe in a bad situation for example. Compassion also can determine the way people treat you. I feel that it is important also because there are many people that are hurting and if we can lend a helping hand we should because it could have been us in the situation. Just to show how serious it is, for example, if Christ had not had compassion on us you tell me where we would be or end up?
3. Courage: I believe it is very important for us to be courageous and our courage can say a whole about us. Courage can cause you to stand up for what is right and it can also help us to move toward our life goals. It pushes off the fear that tells us we can't do something or what would happen if we do; courage certainly puts the ball in our court. Also it puts one in a different light causing them to be bold, express themselves and achieve things they never would have had they just sat back in fear. 

The two set of general values that are important to me are:

1. Relationships with family and friends who i put first in my daily life.They are someone who I can always depend on!
2. Achievements towards pursuing a career of my choice and successfully achieving it.

Seven steps of Decision Making

1)The seven steps to decision making are:

• Define your needs and wants
• Analyze your resources
• Identify your choices
• Gather Information
• Evaluate your choices
• Make a decision
• Plan how to reach your goal

2)Applying

     One thousand dollars may seem to be plenty of money but it is not; therefore, before deciding to spend the money I must first make a list or define my needs and wants. I must then analyze my resources in order to find out what I would be able to accomplish with my money. I must then identify my choices making sure that they would be possible to accomplish on my budget. After identifying my choices it is important to think  about the choices that I've made assuring that  they are the right decision. I then must compare these choices to my personal needs rather than my wants, make my decision, and achieve my goal.

3)Identifying Career Choices

     In order to identify your career choice you must first choose the career path that interests you. Think about your interests and compare the choices that you have made to your personal needs and wants.

six general values

relationship is a important value to hold on to because you can't survive alone. keeping good friendship with your family, friends and  teachers, etc. can be beneficial   to your growth in society home and your work place.






Achievements are important to me because knowing that i accomplish a goal makes me  feel great and set out to achieve even more.

Six General Values

Values due change as you go through life. However, Those one that was instilled  in us from our parents and grand parents will take us through life they would never depart from us. With good core values it enable you to appreciate good  relationships with others and value them. You would be able to determine the difference between good and  bad. Therefore no one would be able to take advantage of you. Good core values teaches you to be responsible for your actions at all time. Also with good core values it assist  in your achievements, by  you demonstrating good manners, always willing to lend a helping hand to others,and  by  doing so people would not hesitate to help you. It helps greatly in your adult life and also in your career.

Six General Values

Of the Six General Values, The three most important values to me are Responsibility, Courage, and Relationships.

Responsibility is important because being a responsible employee is critical in any career; being responsible or irresponsible could mean the difference between having a job and not having a job.

Courage is important because in the workplace, certain tasks may seem daunting and difficult to complete, but with courage it is now possible to overcome the difficulty and complete the task.

Relationships is important because of the fact that at work we have fellow employees and maintaining good working relationships is important to accomplishing the tasks of a particular job.

Responsibility, Achievement & Relationships are three (3) values that are most important to me.

Responsibility because I believe that we are in charge of our lives and we are responsible for whatever goes on in it.

Achievement because I am ever on the road to success.  do not believe that there is an end to achieving things in life.

Relationships because this is the key to a happy life. Many people, when they see the word "relationship", they think significant other or marital spouse. But, that is not where relations stop, there are peer-peer relationships, student-teacher relationships, employee-employer relationships and so forth. I believe that when you build a good relationship with the people in your surroundings you will have a veryhappy and successful life. As much as we would like to have the thought of "staying to ourselves" we cannot ignore the fact that people are around us everyday and we simply cannot disregard them out of our daily lives, so it is better to build a relationship with them even if its just a "salutation relationship" whereas you acknowledge their presence by greeting them with a "Good Morning, Afternoon, or Night".

 Seven steps to the decision making process.

1. Define your needs and wants
2. Analyze your resources
3. Identify your choices
4. Gather information
5. Evaluate your choices
6. Make a decision
7. Plan how to reach your goal

  I will utilize the seven steps given to guide me on spending $1000.Firstly I have to define about my needs and wants.in addition I have to analyze my resources by budgeting my money by saving,therefore I must identify the key choices that will keep me on course. Furthermore I would gather information that relates to spending money before I decide to make a decision.

Lastly I will determine how to reach my goals by choosing the suitable career of my choice.

The 7 Steps of The Decision-Making Process

• The 7 Steps of The Decision-Making Process:

1. Define your needs and wants.
2. Analyze your personal resources.
3. Identify your career choices.
4. Research your career choices.
5. Evaluate your career choices.
6. Make your decision.
7. Plan how to reach your goal.

• I would use the 7 Steps of the Decision-Making Process to decide how to spend $1,000 in the following manner. To begin, I would define my needs and wants because this will help me determine what it is I want to spend the $1,000 on. Since I know I have $1,000, there is no need to analyze my personal resources for any further funds. Next, I would identify my purchasing options (that is to say, what it is I want to buy). After, I would research the list of purchasing options so as to have more information about my purchasing options. Once researched, I would evaluate the purchasing options by comparing the researched information of each option. After evaluating, I would make my decision based on the researched information. Lastly, after having made a decision on what to purchase with the $1,000, I would plan how to make the desired purchase.
• The way you identify your career choices is by first defining your needs and wants. This will allow you to determine what career would satisfy a need or want (i.e. desired level of income, desired location of career, etc.) Secondly, you must analyze your personal resources. Analyzing your personal resources provides you with further information about a potentially suitable career as it requires you to look within and see what it is you bring to the table. Once you have defined your needs and want, and have analyzed your personal resources, you can make a sound and informed decision about which careers are your preferred and most suitable.

(1) knowing my needs and wants are in important in choosing my goals. I would like to work full time for about thirty years and then retire.so to accomplish this task I would have to make good decisions, and know exactly what I want and need and make them priority. 






(2) Analyzing  my personal resources starts with my ability to obtain a career of my choice and the interest to keep it . good values will take you  a long way in the future such, showing up to work on time, coming back from lunch on time, and simply just prioritize your goals.


(3) electrician -


needs- enough resources to open a business
         -  a good location
         - trainable  staff


resources- cash on hand
                 good creditors
                  and staff who share the same values of  being the best in what they do.


(4) researching for a career is hard but the choice is yours to put effort in to it .Consider the lifestyle you want, how long you would like to work, can I make a beneficial salary support myself and other around me. these are some of the things I will research  before choosing a career.






(5) evaluating  my career choices matches my personal needs , in terms of being owning a business and doing something that I enjoy.






(6,&7) in order to reach my goals would require lots of work, which includes education, training and determination .

The Decision-Making Process

1. Define your needs and wants.
2. Analyze your resources.
3. Identify your choices.
4. Gather information.
5. Evaluate your choices.
6. Make a decision.
7. Plan how to reach your goal.

My goal is become an entrepreneur and own a home Malibu. 

So I can travel the world and  be able to afford all the finest things life has to offer.
I intend to use  $100.00  from my savings to start my business.  I am very hard working individual, who would be committed to putting countless amount time into the business so that it would be a success.

One day I would like to become a resort CEO/Owner.

I am very familiar with the career i chose because I am currently employed in that field.

Due to the fact that I have been in the tourism sector for the past  20 odd years. Being of service to others is my life. Knowing that I am able to leave a positive impact on visitors when they take the time out to save to visit our shore brings joy to me.

When ever I become CEO/OWNER of Emeralds Internationals Resorts. I know that it would be a success because, this is the only type of business I know. 

Decision Making Process

1.  The seven steps to decision making are:

• Define your needs and wants
• Analyze your personal resources
• Identify your career choices
• Research your career choices
• Evaluate your career choices 
• Make your decision
• Plan to reach your goal   

2. How would i use to the decision making process to spend $1,000

Using the seven steps, I would spend $1000.00 by knowing what I need.  Now that I'm taking welding as my main major at school, I would buy all the necessary materials that a welder would need such as a chipping hammer, measuring tape, wire brush and other tools that are used in the welding field. I would choose to buy welding books what will help me to understand the trade more.  Researching my career choice would definitely help me in spending the money more wisely.  Now that I have made these decisions I'd move on trying to make my career choice my actual career.

3. Identifying your career choices

I would find out my career choice by simply analyzing what it is that i would like to do for the rest of my life.

.Define your needs an wants
.Analyze your personal resources
.Identify your career choices
.Research your choices
.Evaluate your career choice
.Make your decision
.Plan how to reach your goal

deciding how to spend 1,000 using the seven steps for one I will do an outlook
on the things that I would really need to better of my situation an to cancel out the things
I would not need using the second step I  would look at what I am trying to get out of life ,
I would research information on my needs an wants. evaluating my choices I will look at different
routs to take then make my decision on the things I gather ,that is how I would reach my goal for planning for a better out come in life .

To identify my career choice I first analyze  the things I like doing an what I would enjoy ,an making money at  the same time doing it, something I can see myself doing years to come .

The decision-Making Process  

• Step one Define your needs and wants.
• Step two analyze your resources.
• Step three identify your choices.
• Step four Gather information .
• Step five Evaluate your choices .
• Step six Make a decision .
• Step seven plan how to reach your goal.                 

 From the decision making process using the first step I would sit down and write a list from my wants and  my needs and then decide what is more important and useful to me in the long run. Using step two I would make  sure that the decisions that I  make are who I am and what I have to offer  . Using step three I would over or re-look my choices to make sure that they are all needs and not wants and that they are all good choices that i have made. From reading step four i would look at the career and learn more about my choice before I make it my decision. Using Step five I would think about the choices i have made after gathering all of my information to be sure that this is the career or field I would like to stay in. Step six From using the first five step I would now have enough information on my career to make my last decision. Using step seven I would now take the one thousand dollars to invest into the decision of my choice and accomplish my goal. 

From using the seven step of decision making process I can now identify my career choices and make sure that it is the right career path for me. From find my needs and wants.I would now be able to analyze my resources. Then gathering  the information that you need to know to now make a good decision. After completing I and now make a proper decision        

• Seven steps to decision making :- 
• Define your needs and wants.
• Analyze your resources.
• Identify your choices.
• Gather information.
• Evaluate your choices.
• Make a decision.
• Plan how to reach your goal.
• With my $1,000.00 I would first differentiate between what I want and what I actually need. I would  analyze all the resources I have toward spending said monies. Then I would identify my choices that I have analyzed. After, I would gather the information needed on what I want to spend my money on. Afterwards evaluating my choice of  how I would spend the money from the information I gathered I would make a decision as to if I want to buy the items and plan towards spending the money.
• Start by defining your needs and wants. Then analyze your personal resources. Identify your career choices and research it. Evaluate your career choices and finally make your decision and plan how to reach your goal