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RSM100Y1 Study Guide - Final Guide: Microcredit, Consumerism, Demand CurvePremium

Rotman Commerce
Course Code
John Oesch
Study Guide

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RSM 100Y1 – Introduction to
Final Exam Study Guide
University of Toronto St. George – Fall 2015

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RSM 100Y1 – Lecture 1 – Introduction and Adam Smith
The Triumph of Adam Smith - Main Points from Reading
Adam Smith’s predictions of economics was remarkably accurate and released several
books attempted to explain a theory of three types of human interaction
Capitalism can overpower is self where the rich keep getting richer and the rich control the
oThe rich may get richer but the poor will also be better off as economies grow but
poor also get richer as wealth get spread around
Smith suggested there must be safeguards in place so the wealthy don’t control the
Self-interest is a driving force for individuals
oThey want to improve the quality of their live and put effort with inadvertently help
improve wealth in the nation - the invisible hand
oPeople put great effort with great interest to do what they want
The interest of the people with great capital may not line up with people with not as many
capital - unrestrained capitalism would result in concentrations of wealth and power
Overview of RSM100
Intro to Commerce
Business history
Business Ethics
Canadian Business in World Markets
Business and Society
Business Communication
Strategic HRM (Mangers, Leaders, Teams and Organization)
Overview for Term 2
Strategy and Business Operations
Business Law
Information Technology
International Business
Intro to Commerce

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Adam Smith - Wealth of Nations (1776)
Foundation for capitalism, free enterprise, free trade, wealth creation
oIf you are competitive people will trade with you
Capitalism: a legal system that safeguards private property and permits free trade in
competitive markets; production and consumption are not controlled.
oThere are laws in capitalism
Savings and Loan Debacle (1980s)
oThe lobbyist got the saving and loans regulations loosed up and there was great
growth but it eventual it collapsed as people took great risk
oThe rich influenced the government to do so
This happened again in 2008 in the sub-prime meltdown
The wealth of a nation depends on its ability to trade freely with other nations
Specialization increases productivity
Adam Smith said it there is a cheaper product you should buy it than rather creating it
yourself with more cost, this is what he meant with specialization increase productivity
because as productivity increases cost decreases.
"Laissez-faire" - let do - capitalism is not the maximize productivity and wealth creation
oCommonly mistaken
RSM 100Y1 – Lecture 2 – Role of Ethics
Research Component
You need one credit in the fall and one in the winter
oCredit for fall term due December 1st
Case Study: Queen's University
oQueen's received a $1M gift from David Randler to help finance their new business
oAfter the school built a plaque commemoration the contribution - create the "David
Randler Wing"
o2 years later, Randler pleads guilty to criminal charges involving securities fraud and
is sentenced to jail and fined (Hollinger Case)
oQueen's Board of Trustees decides to return the money and remove the plaque from
the building
oWas this the right decision?
They did this in order to protect there social reputation
Affects in the future could be great if they didn’t return the money
Harm to graduates if your know as a Queen's student who got dirty money
Budgets in the undergraduate programs are tough but Queen's some how got
the money together and gave it back
oWhere are they going to get the money?
They had to go to the rest of the University to get the money
oWere there alternatives?
Take down the plaque and keep the money
Don’t mention it and wait it out
oWhat if it was a hospital?
They won’t be able to give the money back
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