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day one - Ex Lemonade stand Goals Interrelationship of...

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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
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- 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 >socialism >capitalism
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- Flow depending on freedom - Com o what produced represented by gov all contribute as best we can and we will receive needed - Socialism 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 - Free market capitalism - free enterpise o lassiezes faire, o competition will produce the optimal quality and variety of goods, o the invivible hand
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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 o
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