This assignment will help you understand how to perform an Economic Analysis for your Industry and identify how the economy impacts your business. Using the provided template, you’ll begin by determining the US GDP and the minimum wage rate and corporate tax rate in your state. Then you will discuss how these factors affect your business costs and the other main costs associated with operating your business. After that, you will determine the exchange rate for the Dollar vs. the Euro, Canadian Dollar and Peso. Links have been provided for you to locate this information. You’ll next write a paragraph about how these exchange rate numbers affect your business.
Then, you’ll perform an economic analysis of your business. First, you’ll rate the Quality of your business’ Human Capital, Technology/Equipment, Capital and Innovation from 1-10 (ten being the best). You’ll also explain why you gave your business that rating compared to the industry. Then, you’ll compare your scores to the competition by rating them similarly in each area. You must also give a justification for the ratings (for both your business and your industry). After that, you’ll identify opportunities in terms of Technology and Globalization. Lastly, based on your research and ratings, you’ll outline 5 takeaways from your research and 5 steps or actions that you can take for the economic improvement of your business. Your completed Assignment 1 Template is due by Sunday midnight of Week 5 and should be uploaded to Blackboard. Please reach out to your professor with any questions. Good luck.