Assignment Content

Objective:

The objective of this assignment is to explore the concept of barriers to entry in business and their implications for local communities and businesses. Students will analyze the barriers to entry outlined in the provided resources and discuss how these barriers affect various aspects of their local communities and businesses.

Instructions:

Watch the Video and Review the Article:

Watch the video titled "Barriers to Entry in Economics" available at YouTube $-$ Barriers to Entry in Economics.

Read the article titled "Barriers to Entry" provided at Economicshelp.org $-$ Barriers to Entry.

Identify Common Barriers to Entry:

Based on the information presented in the video and article, identify and list some common barriers to entry in business. These can include factors such as high start$-$up costs, regulatory hurdles, patents or proprietary technology, economies of scale, and brand loyalty.

Discuss the Impact on Local Communities and Businesses:

Consider how each barrier to entry affects local communities and businesses. Discuss potential problems or challenges that arise as a result of these barriers.

For example, high start$-$up costs may limit the ability of small businesses to enter a market, leading to reduced competition and fewer choices for consumers.

Select a Specific Problem to Address:

Choose one problem or challenge identified in step $3$ that you find particularly concerning or relevant to your local community or a specific business sector.

For instance, if regulatory hurdles are identified as a barrier to entry, you might focus on addressing outdated or burdensome regulations that stifle entrepreneurship.

Analyze the Impact of Barriers to Entry on the Selected Problem:

Discuss how the identified barrier$($s$)$ to entry exacerbate the selected problem or challenge. Consider the specific ways in which these barriers hinder potential solutions or improvements.

Propose Solutions:

Based on your analysis, propose potential solutions or strategies for addressing the selected problem in light of the barriers to entry identified. How can local communities or businesses work to overcome or mitigate these barriers?

Prepare a Written Report:

Write a comprehensive report that summarizes your findings and proposals. Be sure to include: An introduction outlining the purpose and scope of the report.

A discussion of common barriers to entry in business and their impact on local communities and businesses.

An analysis of a specific problem or challenge affected by barriers to entry.

Proposed solutions or strategies for addressing the selected problem while considering the barriers to entry.

Format and Submission Guidelines:

The written report should be well$-$organized, coherent, and supported by evidence from the provided resources and additional research if necessary.

The document should be submitted in a standard format, such as Microsoft Word or PDF$.$

Evaluation Criteria:

Understanding of Barriers to Entry in Business

Analysis of the Impact on Local Communities and Businesses

Critical Thinking and Problem$-$Solving Skills

Clarity and Coherence of Writing

Originality and Feasibility of Proposed Solutions

Note to Students:

This assignment requires you to critically analyze the concept of barriers to entry in business and their impact on local communities and businesses. Be thorough in your research and analysis, and propose practical solutions that consider the challenges posed by these barriers