Welcome to Week Two

Economics and Entrepreneurship (BUS100)

Weekly Content

"The only function of economic forecasting is to make astrology look respectable."
-- Ezra Solomon (Psychology Today, 03/84)

"Economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing."
-- Steven Levitt & Stephen Dubner (Freakonomics, 2005)

This week we'll be splitting our attention between two topics. In part one, we'll discuss some basic principles of economics, i.e. the study of the production, consumption and distribution of wealth. In part two, we'll look at the fundamentals of starting a new business.

Class Notes - Participating in the Discucssion

I saw some excellent posts in last week's discussion and I'm looking forward to reading everyone's comments this week. Week one's grades will be posted over the next couple of days. Keep in mind that I'm looking for detail in your discussion posts. A vague or open-ended statement like, "Technology is important to this business." is not what I'm looking for. Your answer should refer to specific concepts and examples. An A level response would also have a specific example that illustrates your point. A one sentence answer will rarely be sufficient.

You should also avoid broad, overgeneralizations like, "All companies today . . ." or "All people today . . ." These statements are usually the result of taking a few high profile cases and assuming that all companies, people, etc. behave the same way. Any time I see that kind of statement, I'll follow up with a post asking for the evidence that supports it.

Class Notes - Supplemental Instruction

If you're looking for additional insight into the material or if you have questions that you'd like to ask of a live instructor, the University offers a live weekly session called "Supplemental Instruction". These sessions give you the opportunity to get a different perspective on the material and to get real-time feedback on any questions that you have. The sessions are recorded so you can view them at your convenience if you aren't available during the times when the sessions are hosted.

You can find information on the session times and how to log in to a session in the Student Center.

Weekly Quizzes

Our first quiz is due at the end of this week. The quizzes are always one week behind so this week's quiz is on the material from week one. Please be sure to keep an eye on the time limit for these assignments. Blackboard will allow you to go over the time limit but I encourage everyone to try to complete the assignments in the one hour time limit.