Business 101 Exam Study Guide

Class 1 On blackboard:

o Quiz informationo Syllabuso Course Material (podcasts, note takers, etc.)o Up-to-Date Gradeso Weekly Wall Street Journal reading list for the quizo Messages

Messages may be posted here We also use to send out mass e-mails to students Don’t forward your e-mails to other accounts

o Slides for each class posted here after the last class of the week WSJ – textbook

o Four Sections: A – Econ/Political Science/Politics

Economics starts on page 2 Politics starts on page 4 Last 3-4 pages is opinion journal and editorials

o It’s a conservative papero B – Marketplace

Advertising, marketing, consumer buying, gadgets, management, and accounting news

o C – Money and Investing Stock market tables, interest and bond rates, and finance news

o D – Personal Journal Mon - CEO, women and business, leadership, and ethics articles Tues/Wed/Thurs - personal finance

Managing your money, arts, leisure Mortgages, interest rates, insurance

Fri -Lighter side of news Sat - Fashion and travel news

Class 2 Withdrawal/Redemption hours

o 17 withdrawal hours for 1st semester freshmano 14 withdrawal hours for transfer studentso 10 redemption hours for all students

Applies to “D” or “F” grades only Redemption hours subtracted from withdrawal hours Need enough withdrawal hours to cover redemption hours Redeemed course must be taken at Clemson

The last grade in the course counts in GPR computation and towards graduation requirements

o Example: Student has:

17 Withdrawal Hours 10 Redemption Hours Fails MTHSC 102 (a 3 hour class) Redeems MTHSC 102 the next semester at Clemson After the last day to drop without a “W” what will the student’s withdrawal

and redemption hours look like? Answer is:

14 withdrawal hours 7 redemption

Academic integrityo “As members of the Clemson University community, we have inherited Thomas Green

Clemson’s vision of this institution as a higher seminary of learning. Fundamental to this vision is a mutual commitment to truthfulness, honor, and responsibility, without which we cannot earn the trust and respect of others. Furthermore, we recognize that academic dishonesty detracts from the value of a Clemson degree. Therefore, we shall not tolerate lying, cheating, or stealing in any form.”

Ethicso Eth·ics – from Dictionary.com

A system of moral principles: the ethics of a culture. The rules of conduct recognized in respect to a particular class of human actions

or a particular group, culture, etc. (i.e.: medical ethics; Christian ethics). Moral principles, as of an individual. That branch of philosophy dealing with values relating to human conduct, with

respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions.

Business ethicso The study and evaluation of decision making by businesses according to moral concepts

and judgments. Responsibility to stockholders Honesty with customers Conflict between:

Owners and workers Customers Surrounding community

Reasonable profit Employee rights Employee safety Differing law between countries The laws and ethics Environmental issues

Class 3 Advising center

o Professional advising staff Provide one-on-one advising to freshman and sophomore pre-business and first

semester behavioral science students Once you change your major to specific business discipline your new department

provides academic advisingo Navigating to the CBBS Advising Center web page

Pre-Businesso Non-degree granting majoro Freshman need to decide a major by the middle of next Fall semester while a transfer

student’s decision timeframe varies Moving into pre-business

o Current Non Pre-Business majors Shadow Majors See Pre-Business advisor in Sept

Will advise you on classes for spring and summer (if applicable) Change of major requirements to move into Pre-Business

Completed min of 12 hours at Clemson, Have minimum of 2.0 GPR, and Meet Academic Eligibility Policy Have not exceeded 49 hours Complete a Change of Major Card

CBBS differential feeo CBBS freshman and sophomores and ALL non-CBBS students taking a CBBS class

$100 per hour for 300 and 400 courseso CBBS juniors and seniors

$1,000 per semester up to total of 40 semester hourso Typically about $4,000 over CBBS student’s academic career

What do you get out of the CBBS differential fee?o Infrastructure improvements:

More faculty Software and lab enhancements, student lounge Trading Room Departmental Enhancements

o Program Enhancements through the Office of Student Enrichment (OSE): I-Lead! Horizons Professional Development Workshops CBBS Study Abroad Programs Student Advisory Board Thomas Chapman Scholars CBBS Internship Database Mentoring

Academic Success Center ASC services (FREE)

o Tutoring Group tutoring, Sunday-Thursday

70+ courses per semester Afternoon and evening schedules Drop-in, no appointment needed

Four Tutor Zones Cooper Library, Level 5 Hendrix Center Lounge University Union Loggia 1956 ASC Building

Tutor Request Policy o Supplemental Instruction

Targets high-risk (challenging) courses Structured “group study” / learning sessions with trained SI leader SI leaders incorporate learning and study strategies while discussing course

content 15 courses, 150+ sections in fall ‘12 Impact – and importance of 6+ visits

o Academic counseling One-on-one consultations Study Behavior Inventory (SBI) - (After first tests, take SBI and meet with Mrs.

McGregor) Topics discussed include…

Test anxiety/test preparation Time management Understanding & remembering course material Using effective study strategies

o Academic coaching Benefits of Academic Coaching

Discover personal strengths and learning style Enhance organization skills and improve time management Develop a plan for attaining goals and evaluating feedback to achieve

academic success Weekly meetings

Personalized sessions in a one-on-one setting Tiger Success & CU 101 – support programs for students on academic probation

o Workshops - Fall and Spring semesters Fall and Spring semester workshops Topics include…

Note-taking Test-taking Strategies PROCRASTINATION 101 (Sign up Today or Whenever)

Reading at the Speed of Sight Stress management

Class 4 Office of Student Enrichment – 374 Sirrine

o Mission: To cultivate students in the college to become effective leaders, successful graduates, and globally competitive professionals.

o Works with all CBBS undergrad studentso Programs:

Career Coaching International Programs Internships (Domestic/International) Leadership (I LEAD!/Chapman) Mentoring (Tiger Ties/Peer-to-Peer) Professional Development (Horizons Workshops)

Career coachingo Recruiters indicate students lack “soft skills”o OSE offers one-on-one career coaching including:

Advise on resume and cover letter writing Interview techniques Internship searching Creating successful networks Your LinkedIn profile

o Career Planning Handbooko Get a free padfolio when you meet with Renee about career coaching

International programso About 30% of CBBS students study abroad each yearo 5 Study Abroad Myths

I can’t afford it I won’t graduate on time I need to speak a foreign language Study abroad won’t work in my major An internship is better for my degree

o When? Fall semester, spring semester, spring break, summer sessions, and a full academic

yearo Why study abroad?

Enlighten your perspective of the world Great on resume, great experience Complete Gen Ed and Int’l Studies rqmts

Consider holding back taking these classes at Clemson Graduates are more competitive to companies with overseas experience

SC has 2nd largest population working for multi-national companies (BMW, Michelin, Food Lion, Fuji)

Many study abroad classes are taught in Englisho How:

Start working on a passport - now 8-10 weeks to process Passports pictures cost about $9.99 at CVS (for example)

Sophomore year may be best time for study abroad – start planning in second semester of freshman year

Maintain a minimum of a 2.5 GPR Look at your DPR Determine classes to complete Meet with Study Abroad Advisor to complete paperwork Confirm classes with academic advisor Complete “Work to be Taken Abroad”

Each class approved via TCEL or applicable departmento 5 Types of Programs:

Faculty Led (China, Europe, and France) Travel with CU faculty, take CU Courses Usually during spring break or summer sessions

Exchange (Spain, Germany, TADIB, and TREE) Study at an overseas university, register in SAP 101 at CU In-state tuition applies for everyone

Third Party Provider (CIMBA) Enroll in TSAP 101

Direct CBBS Business Program (Paris)

ECON 212, ACCT 201, FIN 306, LAW 322, MGT 201, and MKT 301 Preference given to sophomores

CBBS passport programo David Rochester (ECON, CU ‘68) funded this program

Chairman & CEO of Capital Resources Group and member of the Dean’s Senior Advisory Group

Need for students to expand their global awareness Promote student involvement in international activities on and off campus

o Great resume itemo Program still in refinement process

Collect stamps in your passport Based on participation in international events

Having a passport, studying abroad, studying a foreign language, doing an internship with a multi-national company, I Lead!, Chapman, attending Study Abroad Fair, International Awareness Week, member of an international club, Globalization Seminars, living in an international community on campus, Study Abroad Ambassador, etc.

Rosetta stone program

o New initiativeo Foreign Language assistance using Rosetta Stoneo 30 languages available – on-line courseo Sign up in OSE office (374 Sirrine)

Internships o Domestic, International, and Washington DCo Internship – work or project related to a student’s major or field for a substantial period

of time. Goal – gain practical experience Supervised work/learning experience Typically 160 – 320 work hours within a semester

o Three types of internships: Internship for practical experience (for resume) Internship for academic credit Internship for no credit (can be documented by Michelin Career Center on

transcripts) – $125 and enrolled in CCINT 101 or 201o Benefits:

Enhances academic and career goals Applies classroom theories to “real world” experiences Teaches effective job search, resume writing, and interviewing techniques Facilitates networking and mentoring relationships Increases knowledge of industry Provides relevant work experience Enhances skill and abilities Offers competitive edge

o Extensive CBBS database Washington, DC

o Three programs coordinated by OSE office: South Carolina Washington Semester

Places students in SC Congressional and other D.C. offices Full time internship, plus classes – up to 15 credit hours Must be Honors student or have 3.5 or higher GPR

Washington Semester Program at American University Summer internship in one of 12 areas (12-16 credits) International Business and Trade, American Politics, Economic Policy, and

International Law to name a few The Fund for American Studies

Associated with Georgetown University, up to 12 hours Only three courses – limited utility for business students

I lead!o Integrated Leadership Education and Development Program:

A three-year program designed to provide students with a structured approach to learning about leadership.

Develop leadership potential through knowledge and skill development. Demonstrate that learning in applications and experiences cultivates refinement

of each participant’s leadership style.o Application process:

Students apply in their second semester of their freshman year 30 to 40 accepted each year 3.0 GPR minimum Applications available ~ January in 374 Sirrine Requires completing 20 activities in three years for certification

o Three components: Knowledge Applications Experiences

Thomas F Chapman Leadership Scholars Programo Founded by Clemson Economics graduate, two-time All ACC pitcher, and CEO of Equifaxo Experiential program – students participate in a structured learning program over three

years centered around themes of intellect, courage, and hearto Ten selected in freshman yearo Students start as sophomoreso Provides total of up to $6,000

Grant–in–aid for tuitiono Applications available ~ Jan

Peer-to-peer mentoringo Mentoring for new CBBS students

Freshmen – new, transfer, and change of major Sophomore – transfer and change of major

o CBBS junior and senior mentors act as liaisons Information about CBBS organizations, offices, and opportunities Provide insight from their experiences

o Meet several times a semester with mentoro More information available in OSE Office, 374 Sirrine

Tiger Ties mentoringo Mission:

Provide students with real-world opportunity to explore and discover professional goals guided by a Clemson alumni

Promote engagement, career and professional development, and transition from backpack to briefcase

o Benefits: Networking opportunities Provides experience outside the classroom and close confidant Assistance with career development, career decisions, and professional leadership

Professional developmento Horizons workshops, events, and courses

o Purpose – graduate “career ready” studentso Experiential learning opportunitieso Includes:

Managing Your Money series (Budgeting 101, ROTH IRAs/IRAs/401Ks, Credit Card and Debt Management, Buying a Home, Insurance for the College Graduate)

Building a Winning Resume and CV Preparing for a Successful Interview Effective Interpersonal Communication Networking and Building Relationships Dining Etiquette

Co-Opso Cooperative Education Programo Experiential learning program

Begin Professional Career Development At least 2 rotations – one must be during Fall or Spring semester Graduate in 4½ years – depending on AP credits

o Need 2.45 GPR and 27 completed hours (12 Clemson hours for transfer students) before starting work

o Co-Op Office – Michelin Career Center Co-op vs. internship

o The difference between co-op and internship is the time frame: Co-op students work for the same employer for multiple semesters

Two or three semesters Not back to back One semester must be a fall or spring semester

Internships are a single semester Any semester including summer Includes part time or full time work

Student organizationso Provides leadership opportunities for your resume

Grades only does not make a great resume Recruiters look for quality and not just quantity

o CBBS organizations provided on Blackboard o University–wide list on Clemson web site

Fraternities and Sororities Clubs Student Government Student Associations Plus much more

Creative inquiryo Interactive environment to engage the faculty, student body, and community in discovery

thereby enriching the lives of each constituency

o Allows students to work on research projects with their favorite professor on their favorite topic

o Academic credit awardedo On-going or new project

Class 5 Dr. Raju Balakrishnan

o Currently our senior associate dean Dr. Gregory Pickett

o Currently our Associate Dean for Clemson at the Falls - responsible for Clemson’s MBA program, Spiro Institute for Entrepreneurial Leadership, and Professional Development and Continuing Education

Dr. D. Kinley Sturkieo Currently our associate dean

Class 6 Advising center

o Pre-registration Advising 20 minute appointments for pre-business students One-on-one, tailored to your education Be proactive and prepare

Review & bring your “What If” Degree Progress Reporto In your desired major – NOT pre-business

Develop a draft schedule using projected major or pre-business worksheet Review the “Pre-Registration Advising Bulletin” on the Academic Advising

Center web page Advising appointment

o Gen Ed and Departmental requirements STS, 2 Int’l Studies, Non-Lit Hum, and Lit Class Cross Cultural Awareness requirement See back of worksheet for class list Catalog page 36 is complete list Double Dip:

STS and Non-Lit Humanities CCA and Non-Lit Humanities CCA and International Studies

Appointment preparationo Bring to your appointment the following:

A completed major worksheet Identify classes for next semester

o Identify back-up classeso A list of summer classes (if applicable)o A “What If” Degree Progress Reporto A completed major worksheet consists of:

Lining out completed classes

Circling classes currently in progress Drawing an arrow next to classes you believe you should take next Identifying back-up classes

o Bring: Copy of your “What If” Degree Progress Report (DPR)

Unofficial record, tracks progress towards your degree From SIS page

o Need to know desired major, catalog year, and minor or emphasis area (if applicable)

Contains a ton of information:o Contact infoo Grades and GPRo Withdrawal Hourso Redemption Hourso Gen Ed Requirementso Major & Minor classeso Messageso Progress towards your degreeo Completed courseso In-progress courseso Not completed courseso A/P and transfer courses

Identification section:o Personal informationo Hours and earned GPRo Withdrawal hours remainingo Redemption hours remainingo Status of CCA and STS requirements

Different types of hours reported:o Credits taken = credit hours attempted at Clemson (used to

compute GPR)o Earned = credits passed + AP/IB + transfer + dual enrollment hours

– redeemed hourso Credit level = credits taken + AP/IB/transfer/DE+WD – redeemed

hours Class standing determined using earned hours:

o Freshman = 0 to 29 hours earnedo Sophomore = 30 to 59 hours earnedo Junior = 60 to 89 hours earnedo Senior = 90+ hours earned

Messages sectiono Very importanto Different for every major

o Items like grade requirements, graduation requirements, and residency requirements

o You are responsible for complying with these messages General education section

o “Requirements” column and “satisfied by” columno “Completed” and “not completed” sectiono TRF = transferredo ST = STS classo AP = advanced placemento S01 = course substitutiono CA = cross-cultural awareness

Major course work sectiono Left = “requirements”o Right = “satisfied by”o “Completed” and “not completed” sectionso Classes “in progress” identified by “IN P”

Miscellaneous itemso Courses that do not satisfy graduation requirements

Failed courses Classes withdrawn from

o Approved course substitutions Class 7 – Marketing

What is marketing?o American Marketing Association:

“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders.”

o Key points: Creating value Communicating value Delivering value Benefits its organization Benefits its stakeholders

o Every organization has marketing peopleo Marketing drives a company’s revenue streamo Marketing is more than sales and advertising. It is:

Identifying customer needs and wants Determining how to satisfy needs and wants Looking for opportunities Moving customer “wants” to “needs” Creating products to satisfy customer wants Determining product pricing

Marketing environmento Marketing strategies not determined unilaterally

by businesso Powerful outside forces:

Political-legal environment Sociocultural environment Technological environment Economic environment Competitive environment

Substitute products International competition Brand competition

Marketing strategyo Marketing Managers

Responsible for planning and implementing all activities resulting in transfer of goods or services to customers

Develop marketing plan Strategy for focusing marketing efforts on customer’s needs and wants

Marketing Plan developed around “Four Ps” of the Marketing mix: Product Pricing Place Promotion

Integrated Marketing Strategy Blends all “Four Ps”

Marketing mix – producto Good, service, idea designed to fill customer need or wanto Challenge – conceiving and developing new productso Product Differentiation

Creation of a feature that makes products differ Promoting feature that makes a product different

o Branding Occurs between similar products Based on buyer’s perception of the benefits offered by companies Recognition

o Marketing questions: What does the customer want from a product/service? What features? Are you including costly features the customer doesn’t want? How/where will the customer use it? What does it look like? How will the customer experience it? Size? Color?

What will it be called? How is it differentiated from competitors? How is it branded?

Marketing mix – pricingo Selecting the best price to sell a product o Cover operating, admin, research, and marketing costso Can’t be too expensive – drive customers awayo Profitable middle groundo Low-price and high price strategieso Marketing questions:

What is the value of the product or service? Are there established price points for products or series in this area? Is the customer price sensitive? What discounts should be offered to trade customers? What discounts should be offered to segments of the market? How will the price compare to our competitors?

Marketing mix – placeo Refers to distributiono Considerations

Proper outlet – retail store Proper delivery/transportation method Warehousing Inventory control Distribution channels

Other companies Directly to retailers (Sears, Target, Best Buy, etc.) Final consumers

o Marketing Questions: Where do buyers look for the product or service? What kind of store, boutique, online, print catalog, etc. How can you access the distribution channels? Do you need a sales force, attend trade fairs, online, send catalogs? What do competitors do? How can you learn from them or differentiate?

Marketing mix – promotiono Most visible componento Techniques for communication information

Advertising Personal selling Sales promotions Publicity/Public relations Direct marketing Interactive marketing

o Marketing questions:

Where and when can you get your message to the customer? How do you reach your customer (print media, TV, radio, direct mailing, internet,

etc.) When is best time to promote? Seasonal product? Timing of market launch? How do competitors promote their products? Should you do something different

to differentiate your product or service? Marketing at Clemson

o Students need a 3.0 GPR after completing freshman core courses to get into the marketing program

o Marketing program consists of four emphasis areas: General Services Sport Technical

o These emphasis areas, combined with support courses, provide a wide range of options Emphasis and support area combinations

o General Marketing: Business-to-Business Pre-Law International Public Sector Communications

o Technical: Designed with advisor to meet specific student requirements

o Services: Banking Entrepreneurship Health/Hospital Real Estate Recreation Tourism

o Sports Designed with advisor to meet specific student requirements

Class 8 Michelin Career Center

o Services: Great source for learning about majors and occupations associated with those

majors Helps students and recent graduates (within one year of graduation) locate

internships, part-time jobs, and full-time jobs Workshops:

Safe job search tips Virtual mock interviews

Resume & cover letter writing assistance Preparing for a Career Fair Money Skills Networking

Class 9 – Management What is management?

o Management is the interrelated tasks of planning, organizing, leading, and controlling to meet organizational goals.

o Managers provide the environment, resources, and opportunities to employees for them to excel in their responsibilities on the job.

o Three managerial roles that leaders must use when running an organization are: Interpersonal skills (interacting with others) Informational skills (receiving and sharing information) Decisional skills (making decisions)

Types of managerso All managers plan, organize, lead, and control but, not all have the same degree of

responsibility for these areas. There are three classifications of managers: The Top Manager is responsible for a firm’s overall performance, effectiveness,

and financial health of the company. Common titles are President, Vice President, Treasurer, Chief Executive Officer (CEO) and Chief financial Officer (CFO). Example: Steve Jobs, Bill Gates, Jim Barker

The Middle Manager is responsible for implementing the strategies and working toward the goals set by top managers. Common titles are Plant Manager, Operations Manager, and Division Manager.

The First Line Manager is responsible for supervising the work of the employees. Common titles are Supervisor, office manager, project manager or group leader.

Management at Clemsono To move from pre-business to management major students need 2.0 or greater GPR and

must complete their pre-business classeso To graduate with a management degree students need a “C” or better in all management

courses (includes emphasis area courses)o Management curriculum:

Pre-business courses Management core courses Emphasis area (12 hours) Support area (15 hours)

Management’s seven emphasis areaso Entrepreneurship – business person who accepts both the risks and the opportunities

involved in creating and operation a new business venture.o Human Resource Management – set of organizational activities directed at attracting,

developing, and maintaining an effective workforce.o International Management – process of planning, organizing, leading and controlling an

organization’s resources to achieve its goals. Also, responsible for unique laws, customs,

consumer preferences and political and economic forces related to the country one might work in.

o Operational Management – responsible for production, inventory, and quality control and for ensuring that operations activities create value and provide benefits to customers.

o Management Information Systems – computer system that supports managers by providing information-reports, schedules, plans, and budgets-that can be used for making decisions.

o Supply Chain Management – principle of looking at the supply chain as a whole to improve the overall flow through the system.

o General Management – responsible for the general knowledge about all emphasis areas.Class 10 – Accounting and Finance

What is accounting?o The art of communicating financial information about a business entity to users such as

shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management.

o Accountants are involved in: Recording and analyzing business transactions Bookkeeping Assessing the financial capabilities of businesses, government organizations and

nonprofit entities Types of accounting

o Public Accounting Most varied type of accounting Practice bookkeeping, financial analysis and account management for:

Individuals Private businesses Public companies Government agencies Nonprofit organizations

Provide services including, but not limited to: Tax preparation and advice Business consultation External auditing Forensic accounting

o Managerial Accounting Also known as cost or corporate accounting Record and analyze a company’s financial data

Asset management Budgeting Performance evaluation Cost management

Prepare financial reports for investors and tax authoritieso Governmental Accounting

Work for government agencies or businesses that are subject to government regulations

Assure that revenue and expenses are handled according to the lawo Internal Auditing

Review their company’s financial practices looking for: Mismanagement Fraud Waste

Evaluate the company’s budgeting and management systems and operations for: Performance Efficiency Compliance with laws and regulations

Career opportunitieso Every company has accounting departmentso Accounting Professional Certifications include:

Certified Public Accountant (CPA) Certified Management Accountant (CMA) Certified Internal Auditor (CIA) Certified Fraud Examiner (CFE)

o Accounting majors occupy many company Chief Executive Officer (CEO) and Chief Financial Officer (CFO) positions

What is financial management?o Finance is the science of funds management.o General areas of finance are business finance, personal finance, and public finance. o Finance includes saving money and often includes lending money. The field of finance

deals with the concepts of time, money and risk and how they are interrelated. It also deals with how money is spent and budgeted.

o The field of Financial Management borrows from both managerial accounting and corporate finance. It is concerned with analyzing financial statements and their implications for business decisions.

Financial managemento Almost every firm, government agency, and other type of organization employs one or

more financial managers. o Oversee the preparation of financial reports, direct investment activities, and implement

cash management strategies. o Also develop strategies and implement the long-term goals of their organization.o Accounting and Finance careers overlapo Careers in Finance include:

Banking Educate customers about account options and assist with transactions Account managers

Loan officers Work with corporate clients

o More complex and legal regulations involvedo Investment banking – corporate funding and share allocationo Negotiate for potential sources of capital

Corporate Finance Financial Planning

Assists individuals with:o Growth of assetso Establishing educational funds for the futureo Planning for retirement

Assists businesses with:o Structure of pension and retirement planso Management of profits to assure future growth

Financial Services Real Estate – involved with the purchase and sale of property

Property appraisals Property management Mortgage negotiations Loan settlements

Insurance Study market trends and demographics Study the financial impact of risk and uncertainty Attempt to determine numbers that are favorable for the insurance

companieso Corporate and individualo Home, auto, medical, life, liability

Career opportunitieso Typical Careers:

Branch managers - handle the daily management functions of a branch office of a bank

Credit analysts - work for a variety of institutions including banks and credit rating agencies, working to analyze financial information and credit data to assess the risks involved in offering credit or lending money to businesses and individuals

Personal financial planners - develop and implement financial plans for individuals, assessing their financial needs and assisting with investments, tax laws, and insurance decisions and planning for their financial goals.

Financial analysts - (also called investments or securities analysts) examine financial information in order to provide investment guidance to individuals and businesses.

Corporate Financial Managers - manage and apply principles of finance to analysis and modeling of the company’s capital structure, credit profile, financings and other transactions.

Class 11 – Economics What is economics?

o Economics is the study of how a society uses its scarce resources to produce and distribute goods and services.

o Microeconomics is the study of economic behavior among consumers, businesses, and industries that collectively determine the quality of goods and services demanded and supplied at different prices.

o Macroeconomics is the study of the overall or aggregate performance of the economy. Macroeconomics seeks to understand fluctuations in output, interest rates, inflation, employment and unemployment over the run of the business cycle and in the long run.

Factors of productiono There are five types of economic resources or factors of production:

Natural resources are things that are useful in their natural state, such as land forest, minerals, and water

Human resources are people and their individual talents and capacities Capital includes money, computers, machinery, tools, and buildings that a

business needs to produce goods and services Entrepreneurship is the spirit of innovation, initiative and the willingness to take

risks Knowledge is the collective experience of an organization

Economic systemso What is an economic system?

The basic set of rules for allocating resources to satisfy its citizens’ needs. o What are the three different types of economic systems?

Capitalism Private ownership of most productive resources Few efforts to minimize differences between economic classes Government policies actively support entrepreneurship What is an example of a country with a capitalistic economic system?

o The US Socialism

State ownership of certain productive recourses Managed efforts to minimize dramatic differences between economic

classes Opportunities for entrepreneurship, with varying degrees of restrictions What is an example of a country with a socialistic economic system?

o France Communism

State ownership of all major productive resources Absent of economic classes Few opportunities for entrepreneurship What is an example of a country with a communistic economic system?

o North Korea

Economics at Clemsono To move from Pre-Business to Economics BS major students need 2.0 GPRo Broad Degree Programs

BS degree focused on the business world BA degree (foreign language required) – most flexible, least restrictive degree

o Economic BS curriculum: Pre-business courses Economic core courses Major area requirements (15 hours) Minor (15 hours) Electives (24 hours)

Class 13 Clemson Institute for the Study of Capitalism

o History Founded in 2005 through a BB&T grant Established to explore the moral foundations of capitalism in a free society Provides students with free copy of “Atlas Shrugged”

o Junior Fellows Program Provides students opportunity to meet and interact with faculty, distinguished

speakers, and CEOs Discussion sessions about Ayn Rand’s book “Atlas Shrugged”

Clemson History Worksheet From its formal opening date in July 1893, Clemson was an all-male school.

o What year did Clemson become a co-educational institution? 1955

o What was the name of the first woman to earn a degree at Clemson? Margaret Marie Snider

What was the name of Clemson’s first African-American Student?o Harvey B. Gantt

What was the name of the Clemson graduate who was the longest serving US senator in history?o Strom Thurmond

In what year did Clemson play its first football game?o 1896

How many Clemson students and alumni served in WWII? How many gave the ultimate sacrifice?o More than 6,000, 373 died

When was the Tiger Paw adopted as Clemson’s athletics symbol?o 1970

What is another name for Woodlands Cemetery?o Cemetery Hill

Who was the first person buried in Woodlands Cemetery? (Hint: the soccer field is named in his memory)

o Walter Merritt Riggs

Clemson Story Video Note Taker What Indian Tribe first occupied the lands in the vicinity of Clemson Univeristy?

o Cherokee Indians What was the first name associated with the land John C. Calhoun purchased that passed to

Thomas Green Clemson that eventually became Clemson Univeristy?o Fort Hill Plantation

John C. Calhoun served the nation in many capacities. In addition to being a US senator, what three national positions did he hold?

o Vice president of US, Secretary of War, and Secretary of State Information on Thomas Green Clemson’s background:

o Where was he born? Philadelphia

o He served as an Ambassador from 1844 until 1852 to what country? Belgium

o How many presidents did he serve as Ambassador for? 4

o He was the first Secretary of what government agency? Secretary of Agriculture

Besides Clemson Univeristy, what other university did Thomas Green Clemson play a part in its founding?

o Maryland Agriculture College, now University of Maryland John Calhoun Clemson (Thomas Green Clemson’s son) served in the Confederate Army and was a

POW during the war. Where was he held prisoner of war?o John’s Island in Lake Erie

How did Thomas Green Clemson support the South’s Civil War effort?o Mining operations and metallurgy in Texas and Arkansas

Thomas and Anna Maria Clemson’s vision for South Caroline was to establish what kind of institution?

o An institution of higher learning in SC to provide practical education in the agriculture and sciences

After Thomas Green Clemson’s death, whose leadership led to the founding of Clemson Univeristy?

o Benjamin Ryan Tillman What year was Clemson Univeristy established?

o 1889 What date did Clemson Univeristy first open its doors for education?

o July 6, 1893