As we begin to consider some parallels between the business world and the natural world, we can identify some very similar patterns in extinction, adaptation, and supply and demand in both. For example, an organism faces many challenges as it attempts to survive in the natural world, just as a business will struggle to succeed in the marketplace.
When resources in the environment are limited, like consumers in the marketplace, organisms and businesses will compete. Those that can maximize their efficiency at production will succeed over those that cannot. Let’s look at how the principles of economics determine the role that these costs play in the success of species in the wild and a business in the marketplace.
In Module 1 you were first introduced to communities. Organisms within communities interact primarily through the following ways: competition, predation, and symbiosis. Read about the unusual relationship documented between Ethiopian wolves and Gelada monkeys at the website below or read about the symbiotic relationship between badgers and coyotes. Chose only one of the articles below to answer Part I using the following questions:
Luntz, S. (2015). Symbiotic partnership between monkeys and wolves discovered. Accessed on IFL Science on August 16, 2016, at http://www.iflscience.com/plants-and-animals/monkey-wolf-symbiosis/
Haemig, P. D. (2012). Badger-coyote associations. Ecology. Info 11. Retrieved from http://www.ecology.info/badger-coyote.htm
What type of relationship is found between the Gelada monkeys and Ethiopian wolves or badgers and coyotes?
What are the short-term and long-term benefits for each species you read about in the article you selected?
What are some of the costs for each of the species as a result of their mutual relationship?
Do you think their relationship could change if resources became scarce? Why or why not?
Now consider the benefits and costs to businesses in the marketplace: Choose one of the following businesses that are now extinct: Circuit City, Pan Am, or Tower Records. Address the following questions in Part II of your assignment:
What were some of the long-run costs associated with operating the business?
Who were their competitors?
What were the factors that contributed to the decision to shut down the business?
Do you think your chosen company could have been successful by adopting a mutually beneficial partnership, similar to organisms in the wild? Why or why not?
Organize this essay assignment using subtitles that summarize the topic from each question above. For example, to answer Question 1, use a descriptive subtitle like the following: Part I: Symbiotic Relationship Between Coyotes and Badgers.
Answer each question under the subtitle using complete sentences that relate back to the question. Be sure to use APA formatting throughout your essay with 1-inch margins, 12-point type, and double spacing throughout. Include a title page, introduction, answers to the questions with subtitles, and concluding paragraph. Remember to include in-text citations within the body of the essay referencing your resources (e.g., Murray, 2014). Also, be sure to include a reference section at the end of your assignment listing all required readings and any additional resources you used to complete your essay. A helpful guide to writing a quality essay can be found in Trident’s Student Guide to Writing a High-Quality Academic Paper. This guide also provides links to example essays written in APA format.
Direct quotes should be limited and must be designated by quotation marks. Paraphrased ideas must give credit to the original author, for example: (Murray, 2014). Direct copying from “homework help” websites will not receive credit. Once you have completed your assignment within a Word document, please upload your final version to the Case 3 Dropbox. Please also note your Turnitin originality score and make revisions as needed. Please contact your instructor with any questions.