BIOM 121 1nd Edition Exam 1 Study Guide Lectures 1 12 Lecture 1 8 27 Intro to Thesis Antithesis and Synthesis Thesis focuses on infinite profit infinite growth and maximized self interest Antithesis focuses on profit and growth limits Synthesis focuses on profit and growth optimization Karl Manneheim s Freedom and Utopia introduced the values of American life through achievements activity efficiency freedom equality and patriotism This foreshadowed the later talk of needs and wants Many values of American life reflect wants instead of needs Lecture 2 9 3 Capitalization First introduction to Columbus business tactics to trade with Indians and expand business for Spain and the church Columbus acted as a visionary a manager and enforcer He focused on land labor and capital based on entrepreneurship He used joint venture to establish partnerships with the Indians to begin market development Is it found that columbus intentions were for Spain and the Church regardless of how it affected the Indians Lecture 3 9 8 Faust took advantage of the scarcity theory and motivated him to create a vision of a business community Faust cared about the importance of faith in business He wanted to create more resources He had an old world Faith mentality Many did not believe or recognize what Faust s intentions were so they thought he had bad ideas Faust did not care about wealth but creating a better environment for those in need Maphisto acted as an executive manager Soldiers acted as labor force Other related workers were shareholders or middle executives New world focused on money and abundance While his plans did not go accordingly he began to worry about finding an escape He fights with the desire for items with faith He becomes blinded by spirits Lecture 4 9 10 Walden Believes food clothing shelter fuel are needs Lives small Builds house and grows crops just enough for himself life should be a past time not a hardshop increased efficiency means more options Thoreau does not believe in living in a quiet desperation living pay check to paycheck You can avoid that by living simply doing what you enjoy not following the pack and having expectation of others Threau believes materialism is a distraction and nature is most important Lecture 5 9 15 Pericles was a philopophy emperor and believed that arts could change economics such as schools and museums Businesses should not be producing things that people want They should be producing things that people will want Gross Domestic Product increases Aristotle and Plato believe that society is not at the right state to establish a perfect system of vote and government Subrosa The ring in the story of Gyges If ring fell into the hands of good or bad the user will eventually give into maximizing self interest Social Division of Labor Experience Curve Lower Costs Lower Costs Lower Prices Quality Distribution Lecture 6 9 17 Needs are natural Wants are un natural Retail trade Infinite Growth and Maximize self interest through power privilege and place Universal Quality Universal Opportunity Economic Freedom 3 doctrines of Confucius Supply should be greater than demand The Great Learning Find money increase production increase employment increase personal income more demand increased consumption and back to increasing production Adam smith believed in infinite self interest and lowering prices Lecture 7 9 22 Mandeville dutch physician was similar to adam smith but did not care for empathy He believed that vices and virtues work together The Catholic church believes 7 virtues and 7 vices Vices are inseparable form societies Profits made in a business should be reinvested back into the company England acted as the nursery of science They saw science as a benefit of mankind England became the center of science Lecture 8 9 24 Mandeville utilized nature evolving of a combination of vice and virtue Vice drove profitability When there was more work there were more purchases The revolving door policy is a politician strategy The objective of vice is to want more with increasing wealth Envy and vanity are vices Characteristics of Society Achievement and success Work and Activity Efficiency Deflation when prices fall and net outcome is decreasing aspects command consumption Modern day Religions make peace with business Lecture 9 9 29 Emmerson believed that nature is an outcome of god He believed to establish small relationships with the environment Homofaber the man maker of goods Homoeconomics Maker of money Homo Consumens Consumers If not acting as a producer you are a consumer The mind acts from where they are bound to where they are wanted Poor people do not have honesty Health creates moral universe Emmerson believes you must know finance accounting marketing management and production Fixed Cost Variable Cost Total Costs Contribution amount after total cost is met Could be used back for profit or future fixed cost He believes that you should spiritualize the world through production The love of money is the root of all evil Lecture 10 10 01 bourgeois vs proletariat slave labor serf labor wage slavery Bourgeois merchant DAS CAPITAL People if left alone will choose democracy More time put into product more valuable Socialism without blood Fabianism Fabians want states to get involved Social structure Monarchy Church Aristocracy Landed Gentry guilds craftsmen serfs The church chooses to tolerate and amend businesses Price turns to be a religious affair Lecture 11 10 06 Theft is bad respect private properties Desire fair payments for service Greed is held in check by greed and the desire for gain sets limits to itself Secret to success and triumph is to use power by nature and skill Find self and no limits to have a clear vision of infinite expansion Lecture 12 10 08 Social purpose is more important than profit Boycott led to lowered prices due to threat of losing market share and revenue Copenicius 15th and 16th discovers sun as the center of universe Galileo 16th and 17th century discovers concentric cosmology based on sun finding Tawney 20th and 21st discovers solipsistic cosmology Mortals who fail or immoralist that succeed The advantages of competition are greater than law Ayn Rand believed that religion was full of fantasy and myth she was atheist Money is barometer of societies virtue Let business men and women do what they do The love of money understand of nature to create best power of self Man is owner of his mind Money is voluntary choice to obtain and