Think like an economist. Let's explore what happens when things change. If you were Ratna Class 8
Think like an economist. Let's explore what happens when things change. If you were Ratna Class 8
Think like an economist. Let's explore what happens when things change. If you were Ratna, what would you do in the following situations? Discuss with your classmates.
I. Suppose the rent for your space suddenly doubles.
Question 1.
Will you raise the price of the food served to cover the costs?
Answer:
Yes, I might slightly increase the price of some dishes, but not too much, so I don't lose customers.
Question 2.
Will you look for a cheaper location?
Answer:
Yes, I would start searching for a new place with lower rent that is still in a good area to keep my regular customers.
Question 3.
How does this affect your business?
Answer:
Higher rent increases my expenses, so profits will go down. I'll need to make smart decisions quickly to control costs and keep the business running well.
II. Imagine one of your helpers quits suddenly.
Question 1.
Can the remaining workers manage the same amount of work?
Answer:
Maybe for a short time, but they might feel tired or overworked. The quality of service could also go down if there's too much pressure on them.
Question 2.
Will you need to offer a higher salary to attract a new worker?
Answer:
Yes, I might have to offer a better salary or other benefits to quickly find and hire a skilled and reliable workers. This helps keep the work running smoothly and makes the team feel supported.
III. You receive a small loan to invest in better technology for your restaurant.
Question 1.
Will this increase the production or improve quality?
Answer:
Yes, better technology, like modern kitchen equipment or digital billing systems, can make cooking faster and improve food quality and service speed.
Question 2.
Will it help you reach more customers?
Answer:
Yes, using online food delivery Apps, social media marketing or a website can help more people know about the restaurant and other food easily, bringing in more customers.
IV. Suppose another restaurant opens in the neighbourhood.
Question 1.
How will you attract and keep your customers?
Answer:
I will focus on serving tasty food, maintaining cleanliness and giving friendly service. I will also offer loyalty rewards or discounts to regular customers to keep them coming back.
Question 2.
Will you improve your service, reduce prices, or offer something new?
Answer:
Yes, I will try to improve my service and may introduce some new dishes or combo offers. If needed, I can reduce prices slightly to stay competitive while still making a profit.
V. What government laws or rules should be changed to improve the ease of doing business?
Answer:
The government can simplify and speed up the process of getting licenses and permits to start a business. Taxes should be easier to understand and pay. Small businesses should get more support through low-interest loans and training programmes. Rules should also be made to protect small business owners from unfair competition and delays in getting electricity, water or internet connections. Making these changes will help more people start and run their businesses smoothly.