New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Supply and Demand

by: Angela Wells

Supply and Demand BA 101

Marketplace > University of Oregon > Business > BA 101 > Supply and Demand
Angela Wells
Intro to Business
Tom Durant

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

First week of business notes, mostly talking about supply and demand and how the economy works.
Intro to Business
Tom Durant
Class Notes
25 ?




Popular in Intro to Business

Popular in Business

This 4 page Class Notes was uploaded by Angela Wells on Saturday January 10, 2015. The Class Notes belongs to BA 101 at University of Oregon taught by Tom Durant in Winter2015. Since its upload, it has received 140 views. For similar materials see Intro to Business in Business at University of Oregon.

Similar to BA 101 at UO

Popular in Business


Reviews for Supply and Demand


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/10/15
0 Jan 6 2015 Basic Economic Concepts Economics the study of distributing resources for the production of goods and services with a social system Resources Raw materials tools machinery capital and people factors of production Demand Supply and Price principal elements of economics When the demand increases the quantity increases to supply the level of demand Economic Systems Command communism socialism free market and mixed Command economies the gov t controls what goodsservices are produced their quantity and prices North Korea Cuba Venezuela Free market system private enterprise or capitalist what goods amp services are produced their quantities and prices are based upon consumers demand and supply producers Gov ts role encourage free and fair competition between private producers Adam Smith promoted the idea of unrestricted free trade quotAn Inquiry into the Nature and Causes of the Wealth of Nationsquot 1776 Founder of capitalism quotThe Invisible Handquot An economic principle holding that the greatest bene t to a society is brought about by individuals acting freely in a competitive marketplace in the pursuit of their own selfinterest If each consumer is allowed to choose freely what to buy and each producer is allowed to choose freely what to sell and how to produce it the market will settle on a product distribution and prices that are bene cial to all individual members of a community Companies change to differentiate themselves with different types of products in order to compete Individual SelfInterest Promotes competition innovation product and process greater value the worth importance or usefulness of something to somebody Bene ts All members of the community not just individuals More products more choices New products additional wealth Lower prices Yields Ef cient allocation of resources especially through the division of labor specialization of tasks matched to each individual s skills Free Market Requirements Include Private Property Freedom of Choice Fair Competition Right to Keep Pro ts GOO 00 OO O 0 000 Homeworkjan 6 take introductory simulation January 8 2015 Adam Smith Wealth ofNations self interest invisible hand free market requirements Markets Creating wealth and making transactions Market de nition A group of people who have similar needs similar buying characteristics and the ability to purchase Markets are Specialized the degree to Which activities are broadly or narrowly de ned Complex a complex set of activities by many entities to get product to the consumer Uncertain markets are not easily predictable Risky the chance of something going wrong Consumers will make an exchange or transaction only when they become wealthier and bene t from it As part of these exchanges or transactions competition between suppliers results in Pressure for lower prices Pressure for newer better products Pressure for more ef cient ways to do things To manage the economic part of your life including wealth You must understand How the system works basic principles Be an informed Stakeholder Citizen Consumer Employee Business owner Management Process To deal with uncertainty and risk in complex specialized competitive markets managers perform 4 functions Planning organizing leadingDirecting operating Controlling Planning the process of de ning intended future courses of action aimed at achieving a speci c goals or higher level objectives within a speci c timeframe Planning involves Assessing future conditions and circumstances Setting goals based on that assessment Making decisions about work to be done O O O 0 by whom when resources requirements Planning Horizon Responsibility 35 years Sr Managers Strategic 13 years Middle Managers 7actical 6 months 1 year lst Line Managers Operational Strategic Plans De ne the marketsproducts necessary to realize the comapny s vision and objectives relative to competitors Purpose Statement A statement regarding the purpose of the organization vision statement Strategic Objectives Higher level statements of how the visionpurpose Will be realized ows from the purpose statement Tactical Plans Specify how a company will use resources budgets and people to accomplish goals related to its strategic objectives Goas Speci c statements of What Will be done in What timeframe to achieve a speci c end result ows from higher level objectives Operational Plans Day to day plans for producing and delivering products and services Actions Who What When and how the goals Will be accomplished Organizing Process and Structure Turning resources input into products and services that customers value output Organizational Process The collection of activities that transform inputs into outputs that customers value Organizational Structure The vertical and horizontal con guration of departments authority and jobs within a company The higher up you go in the structure the more authority you have LeadingDirecting Operating Communicating a vision Inspiring motivating Point out prescribe a course of action Controlling Regulating the work of those for whom a manager is responsible including Setting standards of performance Monitoring ongoing performance toward goal achievement Taking corrective action when needed Business Functions Research and development Design products services that meet customer s needs MarketingSales Know your customers determine how to best serve them and get them the product Production Build quality products at the lowest possible cost Finance Arrange for the tools and money necessary to meet the goals of the company Accounting Track summarize and analyze a rm s nancial position Asset Assets ltems tangible or intangible that have value probable future economic bene ts In an economic sense your knowledge skills and abilities are assets In your career you will take your knowledge skills and abilities to the market that is specialized complex and uncertain and hope to trade on them Homework for Jan 8 Read Ch 2 Foundation Exercise 2 TMG 2 3


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.