BA 101 1st Edition Lecture 1 Outline of Current Lecture I Course Outline A Foundation simulation B iClickers II Expectations for Students III Lecture Basic Economic Principles Current Lecture I Professor Tom Durant Office 398A Anstett Hall Office hours T Th 10 00am 11 30am and by appointment Email durant uoregon edu OR uscduck hotmail com They are connected Phone 541 346 8049 He would rather receive emails Course Design When challenged to do something you lack the knowledge skills or abilities to do Determine a strategy Gather resources necessary Actively work resources to build understanding Test understanding by making decisions Measure the outcomes of your decisions Work to improve your information understanding and decisions based on the outcomes A Foundation Simulation The specific class simulation number F68726 000 Register online Download and save Team Member Guide TMG which is available online from the foundation simulation homepage or from Blackboard Register your unique company name ONLY IN THIS FORMAT Last name first name After you register your company name the last three digits of the These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute simulation number will change to become your unique company id ex F68726 123 What you will learn from the simulation Concepts and Terms formulae methods of running a company Interrelationship between primary functions within a typical for profit business Decision making across functional departments Economic principles Different facets of companies Simulation Premise 40 million electronic sensor manufacturer monopoly was broken up by the government You represent one of the new companies that was created when the monopoly was dissolved There are no outside competitors or substitutes Benign environment 2 market segments High tech and low tech B iClicker information Can be purchased from the duck store then sold back when used You can talk to other students about the in class iClicker questions You may ONLY use your iClicker and only have one Big negative consequences to breaking this rule iClickers need to be registered online through the iClicker website NOT through Blackboard II Expectations for Students To master the concepts that define the business environment Complete all assigned work before the deadlines Be responsible for your own attendance Make up missed work Act with integrity Follow class rules at all times Class Rules Turn of cell phones in class Use laptops and tablets ONLY for taking notes Only use your iClicker Grade percentages In class activities Online quizzes Midterm Exams Foundation 15 6 2 12 24 12 40 24 Out of a 1000 pt scale Exams and Quizzes III Exams are taken in class Quizzes are online through Blackboard All are individual Lecture Basic Economic Concepts Economics Definition The study of distributing resources for the production of goods and services within a social system Resources Raw materials tools machinery capital and people factors of production Demand supply and price relationship Equilibrium points are where supply equals demand Economic systems 1 Command socialism communism The government controls what goods services are produced their quantities and prices 2 Free Market What goods services are produced their quantities and prices are based on supply and demand The government has no role 3 Mixed Almost all actual economies the government has some role Ex Obamacare changed the free market of insurance but the US government doesn t control all markets in the US Free Market Economy An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith who promoted the idea of free and unrestricted trade He also wrote a book about morals that happened to support his principles of a free market Invisible Hand term first used by Adam Smith it is an economic principle holding that the greatest benefit to a society is brought about by individuals acting freely in a competitive marketplace in pursuit of their own self interest If each consumer is allowed to choose freely what to buy and each producer is allowed to choose freely what to sell and how to produce it the market will settle on a product distribution and prices are beneficial to all the individual members of the community Individual self interest Promotes competition innovation in product and process greater value the worth importance or usefulness of something to somebody Benefits all members of the community not just each individual by creating more products more choices new products additional wealth and lower prices Free Market Requirements Private property Freedom of choice Fair competition Right to keep profits