Final Exam Review: Leadership

6th Century B.C. in China, wrote Tao Te Ching, established Taoism, viewed as a God, Selflessness, Water, Mid-Wife

Selflessness - you can be enriched by being more selfless (servant leadership)Water - idea that leaders go with the flow and flow over everything (water flows over everything), if it is blocked, it goes over it anyway (leader has to be able to adapt and reach others it wouldn't necessarily, don't push to hard or they will resist, water touches them and it's a process and it affects the rock, but it takes a long time to change itMid-Wife - Helping them along the way but its their process, you're there to help but not control, you must trust what they are doing because they won't trust you, people aren't as good of leaders talk a lot and use fear, laissez-faire leadership

1869-1948; who was a major political and spiritual leader of India and the Indian Independence Movement, he was a pioneer of Satyagraha--> resistance to tyranny through mass civil disobedience with no violence; officially honored in India as the Father of the Nation, October 2nd is nominated as Ghandi Jayanti, a national holiday and worldwide as the international day of nonviolence

All the resources used and made by people to introduce to produce and distribute goods and services.  Tools, machines, construction equipment, factories, warehouses, delivery trucks, roads, and retail stores are all forms of capital.

A simplified representation of a complex activity, system, or problem.  Focus on the most important factors that determine how both economy and individuals behave

The way in which a society uses its resources to satisfy people's wants.  The economic system in which people live has a strong influence on their incentives and choices

The study of how people choose to use scarce resources to satisfy their wants.  At the center of this study is a way of thinking about and explaining people's choices logically

To base decisions on an assessment of costs and benefits, choosing the best combination of costs and benefits from among alternatives

That rare combination of vision, ingenuity, energy, and willingness to take risk that is needed to create and run a new business

The four categories of economic resources, which are land, labor, capital, and entrepreneurship

Things that can be bought, such as books and computers

A benefit to encourage to people to act in certain ways.  Incentives can be monetary, such as a paycheck, or nonmonetary, such as grades or praise

All the time, effort, and talent that goes into the production of goods and services.  Examples of labor include the work done by garbage collectors, doctors, senators, teachers, architects, construction workers, and retail sales clerks.

When considered as a factor of production, land includes all natural resources found on or under the ground-- such as water, forests, wildlife, and buried deposits of mineral, gas, and oil

The study of the behavior of the economy as a whole and how major economic sectors- such as industry and government- interact.  Considered the large scale economic activity