Module: Economic Environment
Why does the Economic Environment matter?
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.
Define economics and explain the difference between macroeconomics and microeconomics
| Video: What Is Economics? | |
| Reading: Economics and Scarcity | |
| Reading: The Division of and Specialization of Labor | |
| Reading: Microeconomics and Macroeconomics | |
| Self-Check: What Is Economics? |
focus
Identify the forces that drive supply and demand within an economic system
| Reading: Demand, Supply, and Equilibrium in Markets for Goods and Services | |
| Reading: Shifts in Demand | |
| Simulation: Demand for Food Trucks | |
| Reading: Shifts in Supply | |
| Simulation: Supply of Food Trucks | |
| Simulation: Food Trucks and Changes in Equilibrium | |
| Video: Indiana Jones (Demand, Supply, Equilibrium, Shifts) | |
| Self-Check: Supply and Demand |
focus
Compare and contrast different economic systems (capitalist, planned and mixed)
| Reading: How Economies Can Be Organized | |
| Reading: Control of Economic Decisions | |
| Self-Check: Economic Systems |
focus
Describe the methods economists use to evaluate the health of an economy, such as GDP, unemployment rate, CPI
| Reading: Measuring the Health of the Economy | |
| Self-Check: Health of the Economy |
Explain the effect that the four stages of an economy (expansion, peak, contraction, trough) have on business operations
| Reading: The Business Cycle: Definition and Phases | |
| Self-Check: Stages of an Economy |
Economic Environment
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.