Briefly Discuss Three Possible Barriers to Entry for an Industry

question 9

Essay

Briefly discuss three possible barriers to entry for an industry and assess whether these barriers are good or bad for consumers or society as a whole.

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Definitions:

Resistant to Change

The tendency to oppose or struggle against modifications to the status quo or established ways of doing things.

Workers

Individuals engaged in some form of employment, contributing their skills and labor in exchange for compensation.

Porter and Lawler

A theory by Lyman W. Porter and Edward E. Lawler that suggests job satisfaction is determined by the perceived relationship between effort, performance, and rewards.

Employee Ability

Refers to the skills and capabilities that an individual possesses to perform job tasks effectively.