The Lecture Review
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The topics covered were very interesting as it gives more sight on the subject matter in lecture 2, we learn that there must be an exchange of goods for a mutual benefit in both parties that undertakes the exchange. For this exchange to take place, each party must hold a different valuation. In lecture two, we learn about barter trade, which was the earliest form of trade; this form of trade had one main disadvantage: the double coincidence of wants. However, money came in and replaced this form of trade-money facilitate storage, and also it is a measure of value. But sometimes, the value of money can decline concerning the value of goods, causing inflation like what happened in Germany. This topic also touches on what the consumers prefer: they prefer paying goods for their subjective. Also, we saw that consumer surplus could lead to the problem of conceptualization. The concept of inflation should be emphasized more since it concerns the current trends.
Lecture 3 summarizes the concepts of the free market, stakeholder theory, and capitalism; capitalism causes democratization. For example, in the US, politicians want more money through state-monopoly capitalism. Via capitalism, money is earn using assets. In a free market, there is no government intervention; the market operates freely. Another aspect we came across in this lecture is the stakeholder theory, which suggests that a firm should create more value for the stakeholders and customers. We also learn about the responsibility of corporations, that is, to redefine the function and the mission of the business as one that owes responsibility, for example, by supporting charities. The topic should cover more on the issue of capitalism.
In lecture four, we learn the importance of government intervention in protecting the consumers and their role in doing so. The government can intervene through law regulation, subsidizing goods and services, tax, and tariffs. When there is consumer outcry like what happens in the United States, the government intervenes by forming agencies. However, government policy is sometimes imperfect because of corruption, incompetence and inefficient government, etc. This topic needs to emphasize the issue of corruption in general since it has become the “cancer” of the continent.
In lecture five, we saw that it is paramount for the business to know its world data to gain profit; this data also points out the truth. We learn that truth is also important for future executives, entrepreneurs, and also the citizen. The business strategy enables firms to achieve their goals. For a business to make profits, it has to be monopolistic. This topic needs to emphasize more on the concept of “truth
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The last lecture that is lecture 5, portrays the importance of the business being monopolistic, which is critical since it increases the firm’s profitability. For the firm to gain control over the prices, it needs to be monopolistic. This lecture also focuses on the economic theory concept, which suits the perfect competition. To avoid competition, there should be product differentiation. This, as we have seen, help the firm gain more profit. Although the topic was interesting, some concept was irrelevant, for example, the “beer history.”
Reference
Lecture’s PowerPoints