Week 5. Questions of value. UPLOAD.pptx

Week 5. Questions of value. UPLOAD.pptx - ADMS E X P L O R...

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1010 ADMS E X P L O R I N G T H E F U N C T I O N S O F B U S I N E S S T O D A Y Click icon to add picture
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Upcoming class schedule: Thursday, October 12th - Class, covering Week 7 material (this will NOT be tested on the midterm) Thursday, October 19th - CLASS CANCELLED, for Week 6 midterm break Saturday, October 21st - Midterm exam @ 5pm HOUSECLEANING
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Y -life spotlight on THE WRITING CENTRE / SPARK
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Week 10. Get t i ng the word out ( MAR KETING, PUBL IC RELATION S, COMMUN ICAT IONS ) Week 9 . The hum a n factor ( HUMAN RE S O URCES MAN AGEMENT; OR G. BEHAV IOUR ) Week 8. Value chains ( MA N AGEMENT SC IE N CE ; OP’S & SUPPL Y C H A IN MGMT; IB ) Week 7. Val ue measurement & intermedia ries ( ACC OUN TIN G; FINANC E ) Week 3. Getting organized ( ORGANIZATION THEORY ) Week 5. Questions of value ( ECONOMICS; STRATEGY ) Week 4. Current issues, future challenges ( ETHICS; CSR; SUSTAINABILITY; EMERGENCY MGMT ) Week 1. Getting engaged: Introduction to critical thinking and contemporary business issues Week 12. COURSE REVIEW AND EXAM PREPARATION Week 1 1. Business for the future ( EN TREPREN EURS H IP , INNO VATION ) Week 6. MIDTERM EXAM Week 2. So, you want to be a manager (MANAGEMENT) COURSE MAP
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History of economic thought Underlying assumptions Exam review and prep AGENDA
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Business system = Economic system… THE EMBEDDED VIEW: OF BUSINESS-SOCIETY-NATURE b n s
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ECONOMICS
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WORD OF THE DAY ec·o·nom·ic s /ekəˈnämiks,ˌēkə-/ “…the social science that studies the processes that govern the production, distribution and consumption of goods and services in an exchange economy. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") and νόμος (nomos, "custom" or "law"), hence "rules of the house(hold for good management)”. 'Political economy' was the earlier name for the subject, but economists in the late 19th century suggested "economics" as a shorter term for "economic science" to establish itself as a separate discipline outside of political science and other social sciences. Economics focuses on the behavior and interactions of economic agents and how economies work.”
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Check it out
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Moral philosophy (Ethics) Political economy 1776. Adam Smith, a Scottish philosopher, authors Wealth of Nations Considered the founding text of modern economics FOUNDATIONS OF ECONOMIC THOUGHT
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Factors of production Division of labour Self interest Invisible hand WEALTH OF NATIONS: SOME KEY CONCEPTS “This great increase of the quantity of work which, in consequence of the division of labour, the same number of people are capable of performing” “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” “…by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and
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