MGT3320 03 - MGT 3320 Distribution Management Dan C Parris...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 9/21/2009 MGT 3320 Distribution Management Dan C. Parris PhD Fall 2009 – Baylor University Ten Key Principles of Economics 1. 2. 3. 4. 5. 6. 7. 8. 9. Incentives Matter There is no such thing as a free lunch Decisions are made at the margin Trade promotes economic progress Transaction costs are an obstacle to trade Profits direct businesses toward activities… People earn income by helping others Economic progress … The ‘Invisible Hand’ of the market… 10. Too often long-term consequences… Incentives Matter 1 9/21/2009 TANSTAAFL Decisions are made at the margin. Trade promotes economic progress. 2 9/21/2009 Transaction costs are an obstacle to trade. Profits direct businessses toward activities that increase wealth. People earn income by helping others. 3 9/21/2009 Economic progress comes primarily through trade, investment, better ways of doing things and sound economic institutions. The “invisible hand” of market prices directs buyers and sellers toward activities that promote the general welfare. Too often long‐term consequences, or the second order effects, of an action are ignored. 4 ...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern