Enjoying the preview?
This is the free first lesson. Get full access — request a demo or sign in.
Economics and Finance Basics
Learn the principles that govern the economy and the economic framework for businesses to operatePreview the first lesson free — get full access to all 5 lessons.
Beginner Provider : Terry Cornelison 5 Lessons · 12m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Businesses operate in an environment where there are government policies in place that establish the rules and regulations of economic activity, like the way that rules govern how any sports game is played. There are also principles that describe and predict the expected behavior of businesses and consumers in the marketplace. Understanding government regulations and the economic principles of behavior is essential for a business to compete successfully in the marketplace. Equally important to the success of any business is understanding the role of finance and accounting in making informed strategic decisions that affect profit and overall performance of the company. Knowing the key financial tools used in planning and managing the operations and growth of a business and how to use these tools to support and validate the overall business plan is crucial.
In KnowledgeCity’s Economics and Finance Basics course, you will learn about the macroeconomic principles that countries use to manage their economies and about the microeconomic principles affecting the activities of businesses within the larger economic system. You will gain insight and understanding of the roles of finance and accounting in business planning and operations. You will also be introduced to the key financial tools used in planning and operating a business and learn the process and reasons for creating a business financial plan.
What You'll Learn
- Compare macroeconomics and microeconomics and how each applies to managing economies and business activities
- Explain the law of supply and demand as an economic principle of marketplace behavior
- Describe the roles of finance and accounting in business planning and operations
- Identify the key financial tools used in planning and operating a business
- Outline the process and reasons for creating a business financial plan
Key Takeaways
- Government policies establish the rules and regulations of economic activity, much like rules govern how a sports game is played.
- Understanding government regulations and the economic principles of behavior is essential for a business to compete successfully in the marketplace.
- Macroeconomic principles are used by countries to manage their economies, while microeconomic principles affect the activities of businesses within the larger economic system.
- Finance and accounting play key roles in business planning, operations, and informed strategic decisions affecting profit and overall performance.
- Knowing how to use key financial tools to support and validate the overall business plan is crucial to the success of any business.
Frequently Asked Questions
What does the Economics and Finance Basics course cover?
The course covers the macroeconomic principles countries use to manage their economies and the microeconomic principles affecting businesses within the larger economic system. It also covers the roles of finance and accounting in business planning and operations, the key financial tools used in planning and operating a business, and the process and reasons for creating a business financial plan.
What will I learn about economics in this course?
You will gain an overview of economic principles, including how to compare macroeconomics and microeconomics and how to explain the law of supply and demand that describes and predicts the expected behavior of businesses and consumers in the marketplace.
Does this course address business finance and accounting?
Yes. The course provides insight into the roles of finance and accounting in business planning and operations, introduces the key financial tools used in planning and operating a business, and explains the process and reasons for creating a business financial plan.
What lessons are included in the course?
The course includes the following lessons: Introduction; An Overview of Economic Principles; Understanding Business Finance and Accounting; Outlining a Business Financial Plan; and Test Your Knowledge.
Why is understanding economics and finance important for a business?
Understanding government regulations and the economic principles of behavior is essential for a business to compete successfully in the marketplace, and understanding the role of finance and accounting is equally important for making informed strategic decisions that affect profit and overall performance.
