ADM 1300 Lecture Notes - Invisible Hand, Economic System
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ADM 1300 Full Course Notes
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Globalization, mindsets, culture, economies of scale, complex & dynamics. Globalization: 4 points of view( pro-globalists, anti-globalists, skeptics, transformationlists) Defined as the art and science of getting things accomplished though others in organizations. Business: all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profits: rewards for businesspeople who take the risks involved to offer goods and services to customers. Factors of production: four basic inputs for effective operation: natural resources, capital, human resources, and entrepreneurship. The four factors of production is important because firms need to understand how to lower the cost of (and optimize) production if they are going to be main profitability and sustainability. Natural resources: all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits. Capital: production inputs consisting of technology, tools, information, and physical facilities.