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Lecture 1.docx

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Dave Swanston

MGM102 Lecture 1: Introduction 2014-01-10 -Canadian dollar has dropped to about 92 cents since the last couple of months -due to Canadian economic indicators being weak -Canadians as a whole have a lot of debt and with the increase in interest rates, people are going to reduce spending and will affect economy. -several other countries’ economies have gone through their crisis and still emerging from it -As Canadian dollar is getting lower, Canada’s products and services are more attractive for the US and other exporting countries -Our products are competitive in international markets because our products seem cheap in comparison with other price values -We will just become cheaper -Business, the economy and finance will be a constant state of flex, economics conditions change, environmental conditions change, business conditions change, and cultural conditions change -As a result businesses have evolved -Before labour was very powerful and wages were driven up and working conditions were changing -As a result changes were made, business wanted to look for comparative advantages -we produce things, manufacture things, we take input and turn them into outputs with greater value -you’re very productive when you use less resources to create many products -A lot of the wealth we now create are financial wealth generated from production and creates barriers between the rich and the poor -there’s not a lot left for the poor -In every country, they want to have some distinction between rich and poor -In MGM101 we talked about the functions of management and functions of business and what kind of decisions managers take in those fields -As managers, it’s important to have a foundation of management decision making skills but we don’t want to make the same mistakes we made in the past (whether from greed or innocence) -Majority of Economic activity is based from paper -Businesses sell shares to make money, it has nothing to do with the profits or losses of the company. It only affects the demand for shares which affects the prices of shares. -This affects the financial position of shares -I
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