BUS 1050 1nd Edition Lecture 6Outline of Last Lecture I. Socretes, Plato, and Aruistotle TheoriesOutline of Current Lecture II. Art of AcquisitionIII. Walden’s theory of needs and wantsIV. The Great LearningCurrent LectureArt of Acquisition+ Needs, Natural, HH Economics- Wants, Unnatural, Retail TradeWho we are depends on what we own, allowing engagement in wars.“This king has set no boundary to riches” Plato did not provide enough information to what boundaries we eventually face.L 81. P 115. Fair trade and the introduction of coin. P. 116. L 20. Money was designed for equity in purchasing and owing. P 117. L 99. Thales introduces a monopoly through the olive press.Antithesis- Plato- NeedsAristotle- Needs require Information System Thesis- Money(Time at 28:00) Infinite Growth and Maximize self interest through power, privilege, and place. Analects: MenciusLaissez Faire- (Leave it alone) Leave business to be apart from government. Natural and considerate regulation. (Focus on social benefit). Universal Quality, Universal Opportunity, Economic Freedom. 3 doctrines of Confucius.P 120. L 66. 5 ideas of excellence: Follow the wants. Help. Provide Education System. Regulate at a social level. Fight with them. 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.P 121 L 1. Supply is high, prices low. Supply is low, prices high. Supply and Demand is introduced by confucious. P 122. L 28. The Great Learning/Principle. Supply should be greater than demand. P 122. L 44. Equalizing Distribution. Produce wealth more than consumption, thus creating opportunity. The Great LearningSolution (Equalize Distribution based on Supply and Demand): Find the money-> Increase production-> Employment->Increase personal income->More Demand-> Increased Consumption->Back to increasing productionAdam Smith, Wealth of NationsTheory of Moral SentimentsPlato-Aristotle-Zeno-Stoic SchoolP124 L 62. First Principle, Infinite Self Interest.P 124 L 71. Lowering prices. P 125, L 73. What is
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