Chapter 2: Economic Environment

Module: Economic Environment

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Why It Matters: Economic Environment

Why does the Economic Environment matter?

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Show What You Know

Take this pre-test to see what you already know about the concepts in this section. The pre-test does not count toward your grade, but will help you plan where to focus your time and effort as you study. The pre-test is optional.

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What Is Economics?

Define economics and explain the difference between macroeconomics and microeconomics

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Forces Behind Supply and Demand

Identify the forces that drive supply and demand within an economic system

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Economic Systems

Compare and contrast different economic systems (capitalist, planned and mixed)

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Health of the Economy

Describe the methods economists use to evaluate the health of an economy, such as GDP, unemployment rate, CPI

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Stages of an Economy

Explain the effect that the four stages of an economy (expansion, peak, contraction, trough) have on business operations

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Putting It Together: Economic Environment

Economic Environment

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Quiz

You can take this quiz twice. Your highest score will count as your grade. Don’t wait until the last minute to take the quiz – take the quiz early so you’ll have plenty of time to study and improve your grade on your second attempt.