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Introduction to Business & Economics Module Learning Outcomes: Define Business and Economics while exploring economic systems....

Introduction to Business & Economics Module

Learning Outcomes:

  1. Define Business and Economics while exploring economic systems.
  2. Identify the ways to measure economic performance.
  3. Outline the different phases in a business cycle and the types of competition.
  4. Summarize the factors affecting the business environment and future challenges.
  5. Describe the advantages/disadvantages of sole proprietorships, partnerships, and corporations.
  6. Examine special types of corporations: LLC, S-corporations, non-for-profits

Key Terms/Concepts to Learn:

Free enterprise system           federal deficit                         4 types of competition

Business                                  national debt                           equilibrium

Stakeholders                           sustainability (Business)          non-for-profit corp.

Supply/demand                       stockholder                             sole proprietorship

Recession                                partnership                             depression

Gross domestic product          business cycle                         inflation

Limited liability corp.              profit                                       unemployment rate

S-corporation                          balance of trade                      Co-op

Corporation                             pure competition                    oligopoly

Monopolistic                           monopoly                                economic expansion & contraction

Command economies             unemployment                        standard and living

Hourly wage stagnation          Federal Budget                        Corporate Income tax

Economic Systems

Economies                               capitalism                               communism

Socialism

How are private & key industries handled within each system?

Intent of each system?

Specializations/Minors in Economics Area of Study:

Applied Economics

Economics

Specializations/Minors in Statistics Area of Study:

Business Analytics and Intelligence

Applied Statistics

Solutions

Expert Solution

BUSINESS AND ECONOMICS :

Business is an enterprise engaged in buying and selling activities with a motive of earning profits on regular basis . Business adds form and time utility .

Economics is a study of utilisation of scarce economic resources in best way . It also deals with study of economy in quantitative and qualitative levels . Economics is broadly categorised in two branches

1. Micro economics

2. Macro economics

WAYS TO MEASURE ECONOMIC PERFORMANCE:

  • GDP rate
  • Inflation rate
  • Human development index
  • Living standards
  • Unemployment rate ..etc

​​​​​​DIFFERENT PHASES IN BUSINESS CYCLE

  1. Prosperity
  2. Peak
  3. Recession
  4. Trough

TYPES OF COMPETITION :

  1. Perfect competition
  2. Imperfect competition
  • ​ monopoly
  • oligopoly
  • Duopoly
  • Monopolistic competition

​​​​​​​FACTORS EFFECTING BUSINESS ENVIRONMENT:

  • Expansion of technology.
  • Competition in the market
  • Government policies eg. Taxes and regulations
  • Availability of resources
  • Taste of consumers and changing trends

​​​​​​​FUTURE CHALLENGES:

  • ​​meeting the increasing demand of consumers.
  • Adopting rapid changes in technology.
  • Analysing the fast growing markets .
  • Understanding the strategy of rivals and level of competition.
  • Retaining customers and attracting new customers in dynamic competitive environment.

Rahul Sunny answered 11 months ago
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