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AGEC 242 (6)
Lecture

2012.09.07 - Intro.docx

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Department
Agricultural Economics
Course
AGEC 242
Professor
Brahm Canzer
Semester
Fall

Description
This course: Consumer behaviour analysis Businesses - Nothing gets done in business if no one wants it  demand/supply - VALUE  keyword o Are you creating value of some sort? o Is someone willing to give you money in exchange for what you’re giving them? o Water Bottle. “New Jersey Spring Water” maybe 49cents. “Evian” @ ski resort may be $4. At bar in Old Montreal may be $9 - Example: Weight Watchers is motivational/spiritual thing. Everyone knows the facts. - Trade and Bartering. Business has always been around, but how sophisticated? o Now, we use all kinds of ways to persuade customers o He looks at internet-related promotional activity and communications. - Simple: tomato farmer sells tomatoes to have money to buy cucumber. - Complex..can’t bring tomatoes to buy iPhone. - We pursue what we are best at!  another concept o If expertise, other people are willing to pay more for their services (because would be better than if they did it themselves) 1. Everything motivated by profit  It’s the primary objective! Not the ONLY. 2. Want to be most productive a. Ex: Potash industry. (need potash for fertilizer) If economy is doing well, people willing to pay lots for tomatoes. Then if can increase output (productivity)…how much is it for paying the fertilizer vs how much you get from selling tomatoes. i. But you could say that you don’t use fertilizer (therefore don’t need to pay), and sell the tomato for higher price … If you can CONVINCE people! b. The decision making is up to the person. Everyone’s judgement is different. Is it valuable to them?
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