Why is economics important in business? As a business owner or leader, you are required to make decisions that will either lead to the success or demise of your company. This course explores concepts surrounding economics and how it can be applied from a business perspective. In recent years, the study of economics has gained more prominence. The value of this social science is being discovered by many of those who want to improve their approach to dealing with events surrounding the global economy. By the end of this course, you will be able to evaluate economics and how it relates to business. You will be able to apply economics to your everyday activities and use concepts from this course to guide potential business decisions.
Learning Objectives
- Understand why economics is important for business
- Identify scarcity
- Know the ins and outs of supply and demand
- Understand market structure
- Recognize how employment affects economics
Skills you’ll gain
Business AnalysisBusiness EducationBusiness EconomicsBusiness ScienceEconomicsEntrepreneurial EconomicsWhat You'll Learn
- Understand why economics is important for business and decision-making
- Identify scarcity and apply the concept of supply and demand
- Analyze market structure and the competitive marketplace
- Recognize how employment, interest rates, and inflation affect economics
- Explore monetary policy, economic growth, and the financial system
- Apply economic concepts to guide potential business decisions
Key Takeaways
- Business owners and leaders must make decisions that determine whether a company succeeds or fails, and economics can inform those decisions.
- The course covers core economic concepts including scarcity, supply, demand, and market structure.
- It examines how employment, interest rates, inflation, and monetary policy relate to the economy.
- Learners explore the financial system and lessons learned from the Great Recession.
- By the end, learners can evaluate economics, relate it to business, and apply it to everyday activities and business decisions.
Frequently Asked Questions
Who is this course for?
It is designed for business owners and leaders who make decisions affecting their company's success and want to improve their approach to dealing with events surrounding the global economy.
What topics does this course cover?
It covers why economics is important in business, scarcity, demand, supply, market structure, the competitive marketplace, employment, interest rates and inflation, monetary policy, economic growth, the financial system, and the Great Recession and lessons learned.
What will I be able to do after completing this course?
You will be able to evaluate economics and how it relates to business, apply economics to your everyday activities, and use concepts from the course to guide potential business decisions.
What skills does this course build?
It builds skills in business analysis, business education, business economics, business science, economics, and entrepreneurial economics.
Does the course include knowledge checks?
Yes, the course includes two 'Test Your Knowledge' lessons along with an introduction and conclusion.
Transcript
Show transcript (free preview lesson)
Transcript of the free preview lesson. Remaining lessons unlock with the full course.
Welcome to KnowledgeCity's course, Economics for Business. In this course, we will be exploring concepts surrounding economics and how it can be applied from a business perspective. In recent years, the studies of economics has gained more prominence. The value of the social science is being discovered by many of those who want to improve their approach to dealing with events surrounding the global economy. At the end of this course, you will be able to evaluate economics and how it relates to business, you will be able to apply economics to your everyday activities, and we'll use concepts from this course to guide potential business decisions. Let's get started.
Learn on the Go
Take your learning anywhere — the KnowledgeCity mobile app lets you watch lessons on the go.