Week 02 - BCOR 1010 Introduction to Business Instructor Kevin McMahon Office Room 345H Koelbel Email [email protected] Office Hrs Monday

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BCOR 1010 Introduction to Business Instructor: Kevin McMahon Office: Room 345H Koelbel Email: [email protected] Office Hrs: Monday 9:30 – 11:00, Thursday 1:00 – 2:30 or by appointment
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Today Administrative Review - The Economic Environment Lecture - The Role of Government
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Admin WSJ- Issues? Monday Beth Cross Corporate Social Responsibility No Office Hours
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PART ONE: THE CONTEXT OF MODERN BUSINESS A. The Economic Environment World’s Economic Systems Factors of Production The Role of Profit The Market Economy The Laws of Supply and Demand Imperfect Competition Macro Measures of Economic Health
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World Economic Systems An economic system- How a society allocates its resources to provide goods and services - Unlimited demand - Fixed resources
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Factors of Production Resources used to produce goods and services: 1. Land (natural resources) 2. Labor (workers) 3. Capital 4. Entrepreneurship- the desire of those who seek to take a risk and start their own business 5. Knowledge/information
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World Economic Systems Communism -- Socialism -- Capitalism Freedom
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World Economic Systems Basic Difference: The Extent to which the Factors of Production are Owned and/or Directed by Private Interests, or Publicly by the Government
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Adam Smith 1723-1790 Scottish Political Economist “The Wealth of Nations”, 1776 Father of Free Trade and Capitalism
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Competitiveness of Markets Perfect or “Pure” Competition Monopolistic Competition Oligopoly Monopoly
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Economic Indicators Indicate the health and trend of an economy Gross Domestic Product (GDP) Unemployment Rate Productivity Inflation Rate
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This note was uploaded on 12/13/2010 for the course BCOR 1010 at Colorado.

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Week 02 - BCOR 1010 Introduction to Business Instructor Kevin McMahon Office Room 345H Koelbel Email [email protected] Office Hrs Monday

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