Corporate Communication BUS210

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Do you use facebook?

Photo of a smartphone with the Facebook application open
Economics is greatly impacted by how well information travels through society. Today, social media giants Twitter, Facebook, and Instagram are major forces on the information super highway. (Credit: Johan Larsson/Flickr)

Decisions ... decisions in the social media age

To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.

And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?

As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.

This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.

Introduction

In this chapter, you will learn about:

  • What Is Economics, and Why Is It Important?
  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How Economies Can Be Organized: An Overview of Economic Systems

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.

Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

The introduction of Business Communication for Success, the textbook used throughout this course, notes that "[E]ffective communication takes preparation, practice, and persistence. There are many ways to learn communication skills; the school of experience, or 'hard knocks,' is one of them. But in the business environment, a 'knock' (or lesson learned) may come at the expense of your credibility through a blown presentation to a client.? Effective communication skills are a prerequisite for succeeding in business. Communication tools and activities connect people within and beyond the organization in order to establish the business's place in the corporate community and the social community, and as a result, that communication needs to be consistent, effective, and customized for the business to prosper. Business Communication for Success provides theories and practical information that represent the heart of this course, while additional resources are included to expand or pose alternatives to the approaches chosen in the textbook. You will receive maximum benefits from this course if you complete the readings first and then use the additional resources to fill in the blanks and/or reconsider the topics in the textbook.
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Corporate Communication BUS210
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323 Pages
2014
English US
Educational Materials



Source:  Dr. P. Wynn Norman. Corporate Communication (The Saylor Academy 2014), http://www.saylor.org/courses/bus210/
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