Section outline

  • Title: Economics Author: Thomas Hawk Source: Flickr Description: View of City Skyline

    This module provides the basic structures upon which the business world is built: how it is organized, what outside forces influence it, and where it is heading. It also explores how the world’s economies and governments shape economic activity. Each day in the United States, thousands of new businesses are born. Only a rare few will become the next Apple, Google, or Amazon. Unfortunately, many others will never see their first anniversary. The survivors are those that understand that change is the one constant in the business environment. Those organizations pay attention to the business environment in which they operate and the trends that affect all businesses and then successfully adapt to those trends. In this module, we will meet many businesses, both large and small, profit and not-for-profit, that prosper because they track trends and use them to identify potential opportunities. This ability to manage change is a critical factor in separating thesuccess stories from the tales of business failure.

    We begin our study of business by introducing you to the primary functions of a business, the relationship between risk and profits, and the importance of not-for-profit organizations. We’ll also examine the major components of the business environment and how changing demographic, social, political and legal, and competitive factors affect all business organizations. Next, we’ll explore how economies provide jobs for workers and also compete with other businesses to create and deliver products to consumers. You will also learn how governments attempt to influence economic activity through policies such as lowering or raising taxes. Next, we discuss how supply and demand determine prices for goods and services. Finally, we conclude by examining key trends in the business environment, economic systems, and the competitive environment.


    Upon completion of this module, you will be able to:

    1. Discuss how businesses and not-for-profit organizations help create our standard of living.
    2. Identify sectors of the business environment and how changes in them influence business decisions.
    3. Identify the primary features of the world’s economic systems and how the three sectors of the U.S. economy are linked.
    4. Explain how economic growth, full employment, price stability, and inflation indicate a nation’s economic health.
    5. Discuss how the government uses monetary policy and fiscal policy to achieve its macroeconomic goals.
    6. Identify the basic microeconomic concepts of demand and supply, and exaplain how they establish prices.
    7. Identify the four types of market structure.
    8. Discuss which trends are reshaping the business, microeconomic, and macroeconomic environments and competitive arenas.

    The objectives of this module correspond with all course outcomes by offering an introduction to the business environment in general. Subsequent modules will focus more in-depth on specific course level outcomes.

    To achieve these objectives:

    1. Read the Module 1 Introduction.
    2. Read and view the materials in the Chapter 1 Pressbooks book.
    3. Complete the Module 1 Quiz.
    4. Complete the Module 1 Ethics Activity.
    5. Compete the Module 1 Critical Thinking Case Group Assignment.

    Note the check boxes to the right that help you track your progress: some are automatic, and some are manual. 

    Module Pressbooks Resources and Activities

    You will find the following resources and activities in this module at the Pressbooks website. Click on the links below to access or complete each item.

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