Module 1 - Introduction, Financial and Economic Concepts, and the Impact of Megatrends on You.
In this module, we have three goals. The first is creating clear expectations for you and me in the FIN 350 Small Business Finance course. The second is to understand the key Financial and Economic Concepts discussed in Chapter 1. The third to to examine some Megatrends that will affect your future.
Goal 1 - Creating Clear Course Expectations
Things to Absorb – The syllabus and orientation video, with a focus on how you will be evaluated and the due dates for the quizzes, exams, and essays.
Things to Read - You will need to read the syllabus.
Things to Do –
- Download the syllabus.
- Download the PowerPoints for the Introduction video.
- Watch the Introduction video.
- Make sure you have access to the online textbook.
- Contact the class’ Teaching Assistant if you have questions or concerns.
Goal 2 - Understand key Financial and Economic Concepts discussed in Chapter 1
Things to Absorb – In Chapter 1, focus on the Economic Concepts related to Scarce Resources and Opportunity cost, concepts related to Supply and Demand, and Risk.
Things to Read - You will need to read Chapter 1. You will need to watch two videos, one on Megatrends and one on the Next Manufacturing Revolution.
Things to Do –
- a. Sara Lee just graduated from college with a degree in accounting. She had five job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; The Debit Store, $30,000; J & J’s CPA’s, $33,000; and The Double Entry Shop, $40,000. What was her opportunity cost if she accepted the job with The Double Entry Shop? Click Here
- b. Joe Fixit has an appliance repair business. He has more business than he can handle and wants to hire another repair person. Joe estimates that three appliances can be repaired each hour by a qualified person. Joe bills out labor at $45 per hour, but he stipulates that the minimum charge for appliance repair estimates is $30 plus parts. What is the marginal revenue product of a qualified repair person? Click Here
- c. Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heart earned $60,000 and paid taxes of $12,000. If these taxes were paid to the same government agency, is the tax on income progressive, regressive, or proportional? Why did you reach this conclusion? Click Here
- Read Chapter 1
- Make 100 on the Chapter 1 quiz. You are allowed five attempts quizzes, so do not stop until you have 100. The is a chapter you should complete quickly. This Chapter 1, like most finance texts, quickly covers many basic concepts. If the concept is really important, you will see it again in later chapters. Just get your 100 on the quiz and move on.
- Be able to answer end of Chapter 1 Questions 1, 2a, 2b, 3, 5, 6, 7, 9, 11, 12, 13, 14 and Problems 2, 3, 4, 5, and 7. Note, you can find the solutions to these questions and problems under Content.
- Watch the Chapter 1 Overview video. The Powerpoints for all of this chapter’s videos are located here.
- If you feel the need, watch the Chapter Lecture for an in depth review of the chapter. The Powerpoints for this video begin at about slide 4.
- If you feel the need, watch these audio solutions to problems from Chapter 1.
Goal 3 - Understand that Megatrends in Behavior and Manufacturing will Affect Your Future
Things to Absorb – How the discussed Megatrends will affect your future.
Things to Read - No assigned reading, you will need to watch two videos, one on Megatrends and one on the Next Manufacturing Revolution.
Things to Do –
- Watch the two videos on Megatrends and the Next Manufacturing Revolution.
- Open the Allison Sander video, on Megatrends and Trend Tracking, https://www.ted.com/watch/ted-institute/ted-bcg/alison-sander-megatrends-the-art-and-science-of-trend-tracking. and Open the Oliver Scalabre video, on the Next Manufacturing Revolution, https://www.ted.com/talks/olivier_scalabre_the_next_manufacturing_revolution_is_here?language=en
- Make 100 on the Megatrends Quiz. I suggest you watch the videos while answering the quiz questions. As you watch the videos, think about how the topics listed will affect your future. You need to make 100 on this quiz. You are allowed five attempts, with your highest score counting towards your quiz average
- Write a 400-650 word Essay on how the ideas discussed in the videos will affect your future. Submit the Essay as a word or .pdf file in Dropbox by the deadline. For the Essay, I am looking for the following. I want a good college level essay in MLA format. If you have have forgotten the format of an essay, here are two useful links, http://write.siu.edu/_common/documents/handouts/mla-format.pdf and https://www.uvu.edu/writingcenter/docs/handouts/basicessayformat.pdf.
- You will probably finish this Module’s materials quickly. I suggest you get an early start on Module 2. All of the Module 2 material, including the quizzes are available now. To take a Sneak Peek at Module 2, you should open the two quizzes to give you an idea of what will be discussed in Module 2. Note, that the quizzes are set to accept answers after time expires, so you can open the quizzes this week and complete the quizzes when you have time.
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