{"id":81,"date":"2015-04-20T18:16:47","date_gmt":"2015-04-20T18:16:47","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=part&p=81"},"modified":"2018-02-11T02:33:53","modified_gmt":"2018-02-11T02:33:53","slug":"economic-environment","status":"web-only","type":"part","link":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/part\/economic-environment\/","title":{"raw":"Module: Economic Environment","rendered":"Module: Economic Environment"},"content":{"raw":"
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Module: Economic Environment<\/h1>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Why It Matters: Economic Environment<\/div>\r\n
\r\n\r\nWhy does the Economic Environment matter?\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Show What You Know<\/div>\r\n
\r\n\r\nTake 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.\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n<\/div>\r\n
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What Is Economics?<\/div>\r\n
\r\n\r\nDefine economics and explain the difference between macroeconomics and microeconomics\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Video: What Is Economics?<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Economics and Scarcity<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: The Division of and Specialization of Labor<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Microeconomics and Macroeconomics<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: What Is Economics?<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\r\n\r\n\"icon\"\r\n\r\nfocus\r\n\r\n<\/div>\r\n<\/div>\r\n
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Forces Behind Supply and Demand<\/div>\r\n
\r\n\r\nIdentify the forces that drive supply and demand within an economic system\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Reading: Demand, Supply, and Equilibrium in Markets for Goods and Services<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Shifts in Demand<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Simulation: Demand for Food Trucks<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Shifts in Supply<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Simulation: Supply of Food Trucks<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Simulation: Food Trucks and Changes in Equilibrium<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Video: Indiana Jones (Demand, Supply, Equilibrium, Shifts)<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Supply and Demand<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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Economic Systems<\/div>\r\n
\r\n\r\nCompare and contrast different economic systems (capitalist, planned and mixed)\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n
Reading: How Economies Can Be Organized<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Control of Economic Decisions<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Economic Systems<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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Health of the Economy<\/div>\r\n
\r\n\r\nDescribe the methods economists use to evaluate the health of an economy, such as GDP, unemployment rate, CPI\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n
Reading: Measuring the Health of the Economy<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Health of the Economy<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n<\/div>\r\n
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Stages of an Economy<\/div>\r\n
\r\n\r\nExplain the effect that the four stages of an economy (expansion, peak, contraction, trough) have on business operations\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n
Reading: The Business Cycle: Definition and Phases<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Stages of an Economy<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Putting It Together: Economic Environment<\/div>\r\n
\r\n\r\nEconomic Environment\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Quiz<\/div>\r\n
\r\n\r\nYou 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.\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>","rendered":"
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Module: Economic Environment<\/h1>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/div>\n
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Why It Matters: Economic Environment<\/div>\n
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Why does the Economic Environment matter?<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"icon\"<\/div>\n
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Show What You Know<\/div>\n
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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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"icon\"<\/div>\n<\/div>\n
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What Is Economics?<\/div>\n
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Define economics and explain the difference between macroeconomics and microeconomics<\/p>\n<\/div>\n\n\n\n\n\n\n\n
Video: What Is Economics?<\/td>\n<\/td>\n<\/tr>\n
Reading: Economics and Scarcity<\/td>\n<\/td>\n<\/tr>\n
Reading: The Division of and Specialization of Labor<\/td>\n<\/td>\n<\/tr>\n
Reading: Microeconomics and Macroeconomics<\/td>\n<\/td>\n<\/tr>\n
Self-Check: What Is Economics?<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

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Forces Behind Supply and Demand<\/div>\n
\n

Identify the forces that drive supply and demand within an economic system<\/p>\n<\/div>\n\n\n\n\n\n\n\n\n\n\n
Reading: Demand, Supply, and Equilibrium in Markets for Goods and Services<\/td>\n<\/td>\n<\/tr>\n
Reading: Shifts in Demand<\/td>\n<\/td>\n<\/tr>\n
Simulation: Demand for Food Trucks<\/td>\n<\/td>\n<\/tr>\n
Reading: Shifts in Supply<\/td>\n<\/td>\n<\/tr>\n
Simulation: Supply of Food Trucks<\/td>\n<\/td>\n<\/tr>\n
Simulation: Food Trucks and Changes in Equilibrium<\/td>\n<\/td>\n<\/tr>\n
Video: Indiana Jones (Demand, Supply, Equilibrium, Shifts)<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Supply and Demand<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\n
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\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

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Economic Systems<\/div>\n
\n

Compare and contrast different economic systems (capitalist, planned and mixed)<\/p>\n<\/div>\n\n\n\n\n\n
Reading: How Economies Can Be Organized<\/td>\n<\/td>\n<\/tr>\n
Reading: Control of Economic Decisions<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Economic Systems<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\n
\n
\n
\n

\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

\n
Health of the Economy<\/div>\n
\n

Describe the methods economists use to evaluate the health of an economy, such as GDP, unemployment rate, CPI<\/p>\n<\/div>\n\n\n\n\n
Reading: Measuring the Health of the Economy<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Health of the Economy<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/div>\n<\/div>\n
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Stages of an Economy<\/div>\n
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Explain the effect that the four stages of an economy (expansion, peak, contraction, trough) have on business operations<\/p>\n<\/div>\n\n\n\n\n
Reading: The Business Cycle: Definition and Phases<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Stages of an Economy<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/div>\n
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Putting It Together: Economic Environment<\/div>\n
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Economic Environment<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"icon\"<\/div>\n
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Quiz<\/div>\n
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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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"parent":0,"menu_order":20,"template":"","meta":{"pb_part_invisible":false,"pb_part_invisible_string":""},"contributor":[],"license":[],"class_list":["post-81","part","type-part","status-web-only","hentry"],"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/wp-json\/pressbooks\/v2\/parts\/81","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/wp-json\/pressbooks\/v2\/parts"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/wp-json\/wp\/v2\/types\/part"}],"version-history":[{"count":0,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/wp-json\/pressbooks\/v2\/parts\/81\/revisions"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/wp-json\/wp\/v2\/media?parent=81"}],"wp:term":[{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/wp-json\/wp\/v2\/contributor?post=81"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/wp-json\/wp\/v2\/license?post=81"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}