Business and Economics Reporting Lou Ureneck Boston University

Five businesses in my life Apple (my computer) E-Trade Financial (my bank) The New York Times (my newspaper) Google (I own a few shares of stock) Johnny’s Super Fresh Market (my local market)

Business of Hip-hop "In 1977, hip-hop was a marginal urban subculture, largely confined to two of the most notorious ghettos in the United States, Harlem and South Bronx. Over three decades later, hip-hop has become global culture itself, spanning music, language, film television, books, fashion, sports, and politics.... It became a multi-billion dollar industry, transcending entertainment and moving into consumer products and services... "The Big Payback" is a book about the business of hip-hop, and about the relationship between artists and merchant -- who, in hip-hop, are one and the same."

Values and premises Journalism’s first obligation is to the truth. Journalism’s first loyalty is to citizens. The essence of journalism is verification. -- Bill Kovach, Project for Excellence in Journalism Information gives people power.

“When private rewards are well aligned with with social objectives, things work well. When they are not, matters can get ugly.” “Capitalism can’t work if private rewards are unrelated to social returns.” -- Joseph Stiglitz, economist.

Counting things … Boston Population: 600,000 Pizza shops: 680 Years old: 381 Football teams: 2 MacDonalds: 19 Sources: Yellow pages, Yelp Kiev 2.6 million

“The Inside Job” 3/

Three audiences Investors Consumers Citizens

Three audiences Investors: Where to put their money Consumers: What to buy, or not buy Citizens: How to evaluate events and issues and make decisions about the society in which you live.

Some terms Revenue: all the money a company takes in Profit: all the money that’s left after expenses Sole proprietorship: 1 person, 1 business. Partnership: 2 or more people, a written agreement on shared ownership. Corporation: Legal entity in which ownership is divided among owners of shares of stock.

Economic sectors Your groups, your choices … Some possibilities: Media Manufacturing (steel, textiles, etc. Pick one) Retail (Clothing, food, etc. Pick one) Technology Drugs

Economic sectors 1.What are the leading companies in the sector? 2.Who are the leading people in the sector? 3.What is the size of the sector, and is it growing? 4.What are the big challenges that face the companies in this sector? 5.What are the public issues relating to this sector?