Businesses

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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    Fried Chicken Wings

    Jul 30, 11 • 408 Views • No Comments

    When the NFL lockout ended, dry cleaners, ticket-takers and souvenir sellers rejoiced. But not chickens. According to the National Chicken Council, on Super Bowl Sunday 2011, we consumed 1.25 billion chicken wings. Joe Sanderson, CEO of the 4th largest...  [read more]

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    The Power of the Market: Part 2

    Jul 28, 11 • 279 Views • No Comments

    World oil demand has hit a new high. But not from everyone. Called the “New World” and “Old World” by economist Ed Yardeni, you can see through his graphs, the divide in world oil demand. China, India, Brazil and other emerging...  [read more]

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    The Power of the Market: Part 1

    Jul 27, 11 • 392 Views • No Comments

    Maybe the market is more powerful than the Congress. First, some history… Hoping that farmers would earn a living wage, in 1933, the U.S. government decided to subsidize crop prices. The goal was “parity,” a level of purchasing power that...  [read more]

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    Can the USPS Deliver?

    Jul 25, 11 • 364 Views • No Comments

    You’ve got mail? Maybe not on Saturday. As explained in a Teaching Company lecture (#28), the U.S. Postal Service (USPS) faces competition from UPS and FedEx, from email, faxes, and texts. Their salaries average 30% higher than the private sector, they...  [read more]

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    Children and Wealth

    Jul 24, 11 • 347 Views • No Comments

    More wealth seems to mean fewer children. Look at a graph of fertility in the U.S from 1800-1990. The birth line plunges. Consider India, China, South Korea, Singapore. As per capita GDP rises, births plummet. See this gapminder graph for rich countries and...  [read more]