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Lecture 1

RSM100Y1 Lecture Notes - Lecture 1: National Association Of Scholars, Invisible Hand, Factor Price


Department
Rotman Commerce
Course Code
RSM100Y1
Professor
Michael Szlachta
Lecture
1

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RSM100
An Introduction to Business and Management
Sec101
Professor = John M. Oesh
Textbook: Contemporary Business 2nd Canadian Edition (buy pdf version from wiley plus)
Who to ask
- Academic Questions = TA (Sadaf Shiekh)
- Administrative questions = Rotman COmmerce
- Specific content questions: TA, instructor(s)
ONLINE QUIZZES
-3 of them
-Best 2 counted (5% each)
-Due Sunday evenings
-Oct 2, Oct 16, Nov 27
-Use Wiley plus (see course outline)
EXAMINATIONS
Midterm: Oct 26, 10 am at Exam Centre
Final Exam: December exam period
-Exams will use multiple choice questions, final will include a written portion
The final exam will NOT be cumulative
→ Optional readings won’t be tested on.
Introduction to Commerce
Adam Smith, The Wealth of Nations (1776)
→ Foundation document for capitalism, free enterprise, free trades, wealth creation
Capitalism: a legal system that safeguards private property and permits free trade in
competitive markets, production and consumption and not controlled
(not an ideology, not a way of telling people way to live) (it is a set of law and regulation)
Some of Adam Smith’s subtitles:
→ “Of the origin and use of Money”
Money is considered, “first as a measure of value and then as the medium of permutation or
exchange”.
Money is not also considered as a store of value.
→ “Of the real and nominal price of commodities, or of their price in labour, and their price in
money”.
“The real price of everything, what everything really costs to the man who wants to acquire it, is
the toil and trouble of acquiring it”....”.the toil and trouble which it can save to himself”
→ “Of the component parts of the price of commodities”
find more resources at oneclass.com
find more resources at oneclass.com
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