AECN 201 Lecture Notes - Lecture 1: Due Diligence, Perfect Competition
Document Summary
Economics: solving the scarcity problem, getting the most out of limited resources. Management: leading others to complete a task or goal. Finance: management of money and funding of operations. More land being used per operator in farming and ranching. Implications of buying new or used or renting. Entrepreneurship: putting land, labor, and capital together in a new way; understanding opportunities. Product differentiation: market trends, consumer demand, and product diversification. Theory of the firm: firms try to maximize profits; firms behave in a profit seeking way. Perfectly competitive market = zero long-run economic profit. Management: not just being charge; management can (and should) happen at all levels of a firm. Internal/external scanning (alternatives don"t have to be used just recognized) Ho(cid:449) are alternati(cid:448)es helpful e(cid:448)en if changes doesn"t occur. Due diligence (could be part of implementation process) Reviewing implementation, acting on the control phase. Mission statement: what we do and why we do it.
