Adam Smith Econ 490 fall 2019

As you may or may not know, I am an economics major with a minor in business. Last semester I had the opportunity to study in Pavia, Italy which is a small-town south of Milan. With a population of 80,000, not many tourists visit which makes English hard to come by. I had the opportunity to meet people from all over the world while I studied there. I also traveled to many different countries where I was exposed to different cultures and ideas. I loved it so much, that I came back to campus where I have been involved with GLOBE: Global Leaders Orange and Blue Engagement. The main purpose of the organization is to introduce foreign students to domestic student life. I really enjoy showing my students around campus and introducing them to the various activities they said they had only seen in movies, like a fraternity party. On-campus I am also the President and Founder of the Personal Finance Club. This helps me learn more about financial topics while educating fellow I

Over the course of the past month and a half, the themes we discussed have gradually built upon one another leading to a synonymous harmony in our blog posts. Looking at the first post on our alias, I was tasked with defining who Adam Smith was and the contributions he had on the thought processes of economics. His concept of the invisible hand provides the backbone for transfer pricing, the structure of organizations, and even what causes them to make certain decisions as they are generally acting in their own self-interest. While I know that not everyone had the chance to research Adam Smith, I am quite sure the other economists that classmates wrote about had topics that tied in as well. Writing about my experiences with organizations and tying in the concepts we’ve learned in class has allowed me to view organizations in a different light. I no longer perceive a business as it is, rather I delve deeper into how they are structured and the reasons they behave the w

Transfer  pricing is the concept of how associated enterprises engaging in controlled transactions price their products or services. A controlled transaction is one in which (two or more) enterprises that are associated engage in business. In order for an enterprise to be associated, it must participate directly or indirectly in the controlled management or capital of another enterprise. Similarly, if the same people have control of the management or capital of two enterprises they are associated. The main goal of transfer pricing is to prevent companies from going against market terms for individual gain. It ensures that profits aren’t taxed where the value is created.             There are many things on this campus that are allocated to students on a first come first serve basis. An example of this is a concert this weekend that is free to all students, however, there is a cap on how many people can attend. Implementing the concept of Illinibucks to allow students to jump the