Module #2 - Learning Outcomes - Economic Environment

Learning Outcomes: Module 2: Economic Environment

Explain fundamental economic principles and describe how they shape the business environment

• Define economics and explain the difference between macroeconomics and microeconomics
• Identify the forces that drive supply and demand within an economic system
• Illustrate the relationship between supply and demand using supply and demand curves
• Compare and contrast different economic systems (capitalist, planned, and mixed)
• Describe the methods economists use to evaluate the health of an economy, such as GDP, unemployment rate, and CPI
• Explain the effect that the four stages of an economy (expansion, peak, contraction and trough) have on business operations
• Identify and explain the four stages of an economy (expansion, peak, contraction, and trough), and describe their impact on business operations