day one - Ex. Lemonade stand- Product decision,- location,-...

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Unformatted text preview: Ex. Lemonade stand- Product decision,- location,- demand- supply- employees- Competitive environment- Advertising- Pricing- business form > partnership- financing,- HRM policies> hours benefits Goals- Interrelationship of business and functions and more generally, the role and context of business in society- Gain a basic knowledge of the different functional areas of business- Understand the basic trade-offs in business decisions- Gain personal insight into interests and career goals Economic environment- Worlds economic system o Allocate resources- Factors of production- The rule of profit- The market economy o The laws of supply and demand o Imperfect competition o Macro measures of economic health Role of Government- Channeling markets along competitive lines- Equality versus efficiency- Market Failure: externalities and public goods World economic systems Economic system- How a society allocates its resources to provide goods and services- Unlimited demand- Fixed resources Resources used to produce g/s- Land (natural resources)- Labor (workers)- Capital (equipment)- Entrepreneurship o the desire of those who seek to take a risk and start their own business- Knowledge/ info o Ex. Japan vs. Russia About same pop, Japan higher patents, Russia more land Communism >som >capitalism- Flow depending on freedom- Com o what produced represented by gov all contribute as best we can and we will receive needed- Som o sum factors owned by ppl, equal allocation of resources, gov/central planning for basic g/s- Capitalism o to earn profits by providing products>tangible, free to make choices, free to succeed or fail 1723-1780- Basic diff: extent to which the factors of production are ownedx- Adam smith o father of free market o responsible for capitalism o book attacks the current economy o if u let pursue their own = greatest good for society o monopoly restricting growth- Gordon grekko-greed driving econ- F ree market capitalism- free enterpise o lassiezes faire, o competition will produce the optimal quality and variety of goods, o the invivible hand everyone being greedy and looking out for themselves= greatest benefit for nation, econ lead to create the greatest good for society, not more money but best for entire society, argue unequal system o society’s welfare, regulated by competition...
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This note was uploaded on 04/03/2008 for the course BCOR 1010 taught by Professor Latier,jef during the Fall '07 term at Colorado.

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day one - Ex. Lemonade stand- Product decision,- location,-...

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