INTRODUCTION TO BUSINESS, Third Edition
Video Labs: Chapter #1-What Is Business?
What is Good Business?
The primary objective of conducting business in a capitalist, free market system is to maximize shareholder wealth, i.e., to maximize profits that would trickle down as high returns to investors/shareholders. A more sophisticated approach to managing business calls for conducting business in an ethical and sustainable manner. This implies managing business for the long term rather than just focusing on short-term wealth maximization. Businesses that focus on short-term wealth maximization will have a tendency to cut corners and act unethically. Hence, it’s become easy to feel that all businesses are somehow bad and corrupt. Far from it. As long as entrepreneurs follow the five principles indicated in the video, any business can be sustainable. Run Time: 8:37
Gross Domestic Product – The Economic Lowdown Video Series #7
This video clip from the Federal Reserve Bank of St. Louis is an excellent piece that clearly explains the concept of Gross Domestic Product (GDP) and its relation to the Gross National Income (GNI). The video, with the help of simple examples explains the difference between nominal and real GDP and how per capita real GDP is the right measure of country’s wellbeing for comparative analysis. Run Time: 7:51