BUS 101 1st Edition Lecture 1Outline of Current Lecture - Section 1: What is Business? Know grandchildren names & ages for extra credit What is Business?o Contract is Businesso Other business factors that support transactionso We teach silos, not interrelatedness 1776 – Adam Smith’s Wealth of Nationso The invisible hando USA largest military and economic economyo 1860’s – Karl Marx’s Das Kapitalo 1929 – Hoover and stock market crashCurrent Lecture- Section 1: What is Business? Know grandchildren names & ages for extra credit on examso Jack – 8 1/2o Nate (Nate Daniel, Tot) - 5o Samantha - 4o Wesley – 2 1/2o Blaise – born Tues. Feb 3, 2015 What is Business?o Contract is Business Center of transactions is contract Transactional activity – buy and sell goods and services- Means to compensate – money or trade- Results – profit for companyo Other business factors that support transactions: Accounting - keeps track of money for business Marketing – make people want to buy from company ISA – keeps track of data for company Management – helps people and controls organizational behavior Finance – determines value and capitalization Law – restraints and requirements influence organization Entrepreneurship – Helps organization think outside of the boxThese 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.o We teach silos, not interrelatedness Silos – share a common task, but develop power from their group. Tend to think alike and not share resources Interrelated ness should be taught in market, effects decision making - “Those who fail to understand history are doomed to repeat it” – Edmund Burke 1776 – Adam Smith’s Wealth of Nationso The invisible hand Markets self-regulate Basis for liaise-faire economieso USA becomes largest military and economic economy- Open capitalistic function- World trade – brings in a lot of money Disparity of wealth and poverty in many areas Markets take advantage of no regulationo 1860’s –Karl Marx’sDas Kapital- Counteracts Wealth of Nations- 2nd Economic system- Socialism – equal education and insurance for all people; cannot work or exist in real economy o 1929 – Hoover and stock market crash- Self-adjust & regulate - Franklin D. Roosevelt – Keynesian Society- Government set in and help economy - 2nd Economic system- Socialism – equal education and insurance for all people; cannot work or exist in real
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