BUS 082 Lecture Notes - Lecture 5: Industrial Revolution, The Takeaway, Equilibrium Point

• School: College of The Sequoias
• Department: Business (BUS)
• Course: BUS 082
• Professor: gradin

Document Summary

There a lot of threat to business when you global. Wars and terrorism add to risks and cost. In the 1800"s land was the big factor of production. The invention of steam and the industrial revolution. People became wealthy and could hire more services. Will knowledge be the next driver of our economy. We have to adapt as things change. Be well prepared to assess actual risk and you willingness to accept it. This analysis will require you to understand the various components of the business environment. Malthus and the need for small populations. Thomas malthus says resources are scarce and limited so we have to limit our people. The more people you have the wealthier you can get. It needs to be a large educated population/ workforce. Adam smith and the invisible hand: unintended wealth development. Says the only thing you need to worry about it"s don"t interfere with the market place because the economy will naturally regulate.