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International Business Global Economics
Welcome to
Summer 2015
schmidt-bremen.de -> Internat.Bus@UNCW
Prof. Dr. Peter Schmidt
WHY
study
International Business / Economics ?
What‘s it about ?
UNCW - HSB
EnvironmentEnvironment
BusinessBusiness
EconomicsEconomicsMicro- / MacroMicro- / Macro
internationalinternational
inte
rcul
tura
l
inte
rcul
tura
linteresting
interestingaspects for businessaspects for business
Introductions . . .
Economics
Lecturer
Students
Whish list / “learning targets”
Ask questions / find them! Discuss these from different viewpoints Learn about possible answers Learn that there normally is not the one
answer in social sciences … Especially not in intercultural
environments Develop (more) interest in following the
current political debates – which?
Your Whish list
…
Economics & Statistics
ZEWZentrum für EuropäischeWirtschaftsforschung -
Mannheim
Peter SchmidtWho am I
market . research . culture
schmidt-bremen.de -> Internat.Bus@UNCW
You …
are highly motivated students
are invited to participate in the teamwork-tasks
are encouraged to suggest own topics / questions about current economic policy
now please start your first teamwork task …
One transparency about your principles
A second one providing your OWN example for the principles
(10) Principles of
Economics
Every field of study has its own terminology
Mathematics
axiomsintegrals
vector spacesPsychology
egoid
cognitive dissonanceLaw
torts
venues
Promissory estoppel
Every field of study has its own terminology
Economics
Supply
Demand
Elasticity
Consumer Surplus
Comparative advantage
Opportunity cost
Deadweight loss
Economics trains you to. . . .
Think in terms of alternatives. Evaluate the cost of individual and
social choices. Examine and understand how
certain events and issues are related.
The Economist as a Scientist
The economic way of thinking . . . Involves thinking analytically and
objectively. Makes use of the scientific method.
The Scientific Method
Uses abstract models to help explain how a complex, real world operates.
Develops theories, collects, and analyzes data to prove (or dismiss) the theories.
Observation, Theory and More Observation!
Ten Principles of Economics
Chapter 1
Copyright © 2001 by Harcourt, Inc.
All rights reserved. Requests for permission to make copies of any part of the
work should be mailed to:
Permissions Department, Harcourt College Publishers,6277 Sea Harbor Drive, Orlando, Florida 32887-6777.
A household and an economy face many decisions:
Who will work? What goods and how many of them
should be produced? What resources should be used in
production? At what price should the goods be
sold?
Society and Scarce Resources:
The management of society’s resources is important because resources are scarce.
Scarcity . . .
. . . means that society has limited
resources and therefore cannot
produce all the goods and services
people wish to have.
Economics
Economics is the study of
how society manages its
scarce resources.
Economists study. . .
How people make decisions.
How people interact with each other.
The forces and trends that affect the economy as a whole.
Ten Principles of Economics
1. People face tradeoffs.
2. The cost of something is what you give up to get it.
3. Rational people think at the margin.
4. People respond to incentives.
I How People Make Decisions
5. Trade can make everyone better off.
6. Markets are usually a good way to organize economic activity.
7. Governments can sometimes improve market outcomes.
8. The standard of living depends on a country’s production.
9. Prices rise when the government prints too much money.
10. Society faces a short-run tradeoff between inflation and unemployment.
II How People Interact
III How the Economy as a Whole Works
Ten Principles of Economics
1. People face tradeoffs.
2. The cost of something is what you give up to get it.
3. Rational people think at the margin.
4. People respond to incentives.
I How People Make Decisions
5. Trade can make everyone better off.
6. Markets are usually a good way to organize economic activity.
7. Governments can sometimes improve market outcomes.
II How People Interact
Ten Principles of Economics
Ten Principles of Economics
8. The standard of living depends on a country’s production.
9. Prices rise when the government prints too much money.
10.Society faces a short-run tradeoff between inflation and unemployment.
III How the Economy as a Whole Works
And always remember …People face tradeoffs !
“There is no such thing as a free lunch!”
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