Continued discussion of the decision-making process, barriers to effective decision-making, and leading into next classes discussion on improving decision-making, logical fallacies, and ethical decision-making.

Brief introduction to the economic environment, discussion of Adam Smith, the invisible hand theory, and opportunity cost.

We discuss the first part of chapter two on the characteristics of managerial decision-making, the two systems of decision-making, and programmed and non-programmed decisions.

In this episode we discuss the features and uses of money, a brief history of money, the value of saving and investing, and inflation.

We discussed chapter one, why studying business is important, for profit vs. non-profits, the four factors of production, the areas within an organization, the stakeholders of an organization, and environmental factors that impact business.

Discussion on management and performing with the inclusion of roles for managers, such as informational, interpersonal, and decisions.