I Remember
+YANNI TOURNAS
PhD from KELLOGG GSM/ Northwestern University
QUIZ Short Answer Questions
Midterm Exam (Multiple Choice )
Final Exam (Multiple Choice)
EXTRA CREDIT: FED CHALLENGE
MAIN CHARACTERISTIC OF OUR WORLD: Limited Resources
Opposite to UTOPIA
EDUCATION VERY IMPORTANT: WHY?
Deal with real world problems
Example: Someone is sick
For solving any real world problem important to analyze it through the following framework: A) What is our OBJECTIVE B) CHOICES we can choose from to attain our objective C) CONSTRAINTS that restrict the choices we can make
If someone is sick A) Objective: To cure that person B) Choices: Surgery, physiotherapy, medicine, Xrays etc C) Constraints: Age, Allergies etc
ECONOMY/ ECONOMIC ENVIRONMENT
Three major groups of economic agents: a) Businesses b) Consumers c) Government A) BUSINESSES 1) Objective: to Maximize Profit = Revenues - Costs = $$$$
Revenues = Price x UnitsSold
Alternative Objectives: a) To maximize market share (to sell as many units as possible) b) To minimize costs c) To maximize payments to Labor ( for companies owned by their employees (in the past Avis, United Airlines))
Not-for-profit organizations: Red Cross, CUNY, MoMA, Guggenheim etc
How about NYU, Columbia U., Harvard? Private not-for-profit DeVry, University of Phoenix, Capella U. for profit institutions
WALL STREET/STOCK MARKET: Example: Apple stock price is $700 and suppose there are 100 000 000 shares. Then Apple’s stock market value (valuation) is $700x100 000 000 = $70 000 000 000 BASED ON EXPECTED PROFITABILITY 2) Choices firms make so to maximize profit: Marketing choices, Finance choices, Operation choices, Legal Form, Human Resources choices, Computer resources choices 3) Constraints for firms in their effort to maximize profit: Economy, Competition, Technology (Kodak), Legal issues, social issues (Lard vs vegetable oil) B) CONSUMERS 1) Objective: Maximize satisfaction (Utility) 2)
PhD from KELLOGG GSM/ Northwestern University
QUIZ Short Answer Questions
Midterm Exam (Multiple Choice )
Final Exam (Multiple Choice)
EXTRA CREDIT: FED CHALLENGE
MAIN CHARACTERISTIC OF OUR WORLD: Limited Resources
Opposite to UTOPIA
EDUCATION VERY IMPORTANT: WHY?
Deal with real world problems
Example: Someone is sick
For solving any real world problem important to analyze it through the following framework: A) What is our OBJECTIVE B) CHOICES we can choose from to attain our objective C) CONSTRAINTS that restrict the choices we can make
If someone is sick A) Objective: To cure that person B) Choices: Surgery, physiotherapy, medicine, Xrays etc C) Constraints: Age, Allergies etc
ECONOMY/ ECONOMIC ENVIRONMENT
Three major groups of economic agents: a) Businesses b) Consumers c) Government A) BUSINESSES 1) Objective: to Maximize Profit = Revenues - Costs = $$$$
Revenues = Price x UnitsSold
Alternative Objectives: a) To maximize market share (to sell as many units as possible) b) To minimize costs c) To maximize payments to Labor ( for companies owned by their employees (in the past Avis, United Airlines))
Not-for-profit organizations: Red Cross, CUNY, MoMA, Guggenheim etc
How about NYU, Columbia U., Harvard? Private not-for-profit DeVry, University of Phoenix, Capella U. for profit institutions
WALL STREET/STOCK MARKET: Example: Apple stock price is $700 and suppose there are 100 000 000 shares. Then Apple’s stock market value (valuation) is $700x100 000 000 = $70 000 000 000 BASED ON EXPECTED PROFITABILITY 2) Choices firms make so to maximize profit: Marketing choices, Finance choices, Operation choices, Legal Form, Human Resources choices, Computer resources choices 3) Constraints for firms in their effort to maximize profit: Economy, Competition, Technology (Kodak), Legal issues, social issues (Lard vs vegetable oil) B) CONSUMERS 1) Objective: Maximize satisfaction (Utility) 2)