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Economics

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Apr 3, 2024

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4. Explain how a small business can compete with a big box store to be successful. Write your response below: Small businesses can successfully compete with big box stores by offering services and products that are unique to their store. Establishing positive relationships with consumers by providing an excellent customer service experience to consumers can also help a small business gain more traction. 5. Explain a challenge of a small business owner. Write your response below: A main strife for a small business owner is competing with big owned businesses in the area and trying to stay afloat. Small businesses have to heavily rely upon consumers in the area to stay in business, consumer purchases help finance supplies and shop maintenance. Big businesses also rely on consumer purchases, however, they're not put at a large risk of losing their business if sales decrease because they operate as a branch with multiple locations. Small owned businesses rarely have multiple locations to operate under. 6. What 1s the law of supply and demand and how does it affect prices? Write your response below: The law of supply and demand is correlation of price based on the relationship between consumer demands and the supply of goods. If the supply of a good decreases and the demand increases, then price gets higher. If the demand is low and the supply of a good is increased, then the price lowers.

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