(Day 2)recording BMG100

Course Overview and Group Projects

• Questions and Discussions

  • Open floor for questions on course outline, group projects, schedule, and evaluations.

• Group Formation

  • Amada as the marker for the class (VA).

  • 41 students have joined the group, with a Moodle link available for joining.

  • Importance of teamwork and communication for forming groups.

  • Deadline for team formation: by the end of the day on January 22nd.

  • If students cannot find teammates, they must email by the deadline.

Praxair Simulation Registration

• Status Update

  • Over one-third of the class has registered with Praxair.

  • Some students completed tutorials and practice rounds.

• Deadlines and Requirements

  • All registration processes, tutorials, and the completion of two rounds in the practice zone are due by noon on January 22nd.

  • Registration details and simulation access available on Moodle.

• Tutorials and Practice Zone

  • Overview of different managerial roles for tutorials: marketing, production, human resources, finance.

  • Tutorials take time, encourage serious commitment.

  • Practice zone enables testing of strategies with continuous access throughout the semester.

Important Dates

• Upcoming Deadlines

  • Contract due on January 30th.

  • Quiz schedule begins after class this week; quizzes available for one week after a topic.

• Quizzes

  • 10 quizzes total, each worth 1 point, with a passing grade of 7 out of 10.

  • Students can retake quizzes after identifying wrong answers.

• Importance of consistent work and time management to avoid end-of-semester stress.

Weekly Learning Topics

• Focus Areas

  • Current week's focus: Dynamics of Economics and Business with an emphasis on ethics.

  • Asynchronous class on Monday; synchronous on January 22nd with Amanda discussing simulation insights.

• Economic Concepts

  • Definition and management of limited resources in businesses including money, natural materials, and human resources.

Economic Systems and Resource Management

• Types of Resources

  • Economic resources: monetary, natural, and human.

  • Challenges in acquiring resources and the reliance on effective management.

• Government and Economic Systems

  • Types of economies: capitalist, socialist, command economies.

  • Mixed economies often exist, where government involvement varies.

Competition in Business

• Nature of Competition

  • Competition affects pricing and business strategies.

  • Spectrum of competition: from monopoly to perfect competition.

• Levels of Competition

  • Monopoly: One supplier dominating the market (e.g., Hydro Quebec).

  • Oligopoly: Few large suppliers (e.g., car manufacturers).

  • Monopolistic Competition: Many sellers, competition on differentiation (e.g., fast food chains).

  • Perfect Competition: Many small players (e.g., farmer's markets).

Economic Cycles and Productivity

• Definitions

  • Economic expansion vs. contraction; economic fluctuation.

• Indicators of Economic Health

  • GDP growth reflects increased employment and spending.

  • Recession defined by two consecutive quarters of GDP decline.

• Inflation Management

  • Government interventions, interest rates, and spending behavior are crucial in regulating economic health.

• Consumer Price Index

  • Measurement of price changes in a basket of consumer goods, reflecting cost of living changes.

Final Thoughts and Attendance

• Importance of active participation and weekly engagement.

• Upcoming Class Reminders

  • Class on January 26th for contract explanation.

  • Continuous quizzes will aid exam preparation.

• Encouragement to utilize office hours for clarification and support.