Formally called the theory of the firm, the business category focuses on ownership, production and competition. Our goal is to understand business behavior. For ownership, topics include the corporation and sole proprietorships. For production, the focus involves maximizing profits. With competition, topics relate to a continuum that spans the 4 basic market structures: perfect competition, monopolistic competition, oligopoly and monopoly.

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    Manufacturing and the Market System

    May 30, 12 • 440 Views • No Comments

    Adam Smith might look at recent increases in manufacturing and say, “The market works.” Here are some stories. One furniture manufacturer decided it could make consumers happier by moving back from China. Yes, it would mean paying a sander $10 an......  [read more]

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    A Better Ketchup Bottle?

    May 25, 12 • 617 Views • No Comments

    In a 1964 TV commercial, during a pouring contest between 2 young boys, Heinz ketchup was “…too thick and rich to run.” In another ad, Heinz lost an OK Coral duel because it was the “slowest ketchup in the west…east, north and......  [read more]

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    Steel Twins

    May 23, 12 • 563 Views • No Comments

    What happens when a parent of twins makes them compete? And what if the better twin is told that he has to remain ahead of his slower sibling? For twin steel factories, one in Burns Harbor, Indiana and the other in Gent, Belgium, the result is more......  [read more]

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    Fannie and Freddie, Now Home Improvers

    May 22, 12 • 516 Views • No Comments

    By Mira Korber, guest blogger. Last week I asked some house painters how their business was doing and I was a bit surprised to hear their answer. They couldn’t buy brushes and rollers fast enough to keep up with the numbers of jobs on the schedule. I......  [read more]

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    (Mc)Wages Around the World

    May 21, 12 • 5436 Views • No Comments

    It can be tough to compare wages around the world. While lots of people could be called iPhone assemblers or auto workers or t-shirt makers, depending on the country, factory conditions, time off, the work day, all really differ. Not for McDonald’s. At......  [read more]