Assignment 1: Economics
Save this file in your course folder, and name it with Assignment, the section number, and your first
initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named
Type the answers to the assignment questions below. Use complete sentences unless the question
says otherwise. You will have more than one day to complete an assignment. At the end of each day,
be sure to save your progress.
Review Lesson 4 of the Course Overview for instructions about turning in your assignments.
In Section 1, you learned about economic principles. Now, you'll apply what you learned.
1. Choose a well-known company that you know of, and answer the following questions
- Apple Inc.
a. Is this mainly a product-based or service-based business? (1.0 points)
- Apple Inc. is a product based business
b. What type of good or service is this company best known for? (1.0 points)
- Apple Inc. is best known for electronics including the iPhone, iMac, and iPad, Apple inc.
c. What makes the company different from its competitors? (1-3 sentences. 3.0
- Apple inc. uses its own OS and has products that compete with other well known businesses
including Intel, HP, and others.
d. Why do you think this company became successful? Describe at least one reason.
(1-5 sentences. 2.0 points)
- This company applies each product to a couple businesslines; the product must be one that the
ones who make them will want that product for themselves, the product must be simple and
easy to use, and the product must be ahead of competitors. These all combi...