Learning Objectives and Class Prep - Economics Module
Introduction
Business and economics are inexorably linked. The form of economic system in place in a given nation has a considerable influence over how business operates and how prosperous that nation may become. Any introduction to business course therefore requires a basic understanding of the various economic systems and the principles under which they function.
Note: This is a two-part lesson which will be covered over two days of class. The first day, you will independently go through the learning materials provided for this topic. The second day, you will come to class and we will have discussion and breakout groups to get deeper into the topics.
Learning Objectives
Upon completing the learning activities associated with this lesson, class participants should be able to:
- Describe the foundational philosophies of capitalism and socialism.
- Discuss private property rights and why they are key to economic development.
- Discuss the concept of GDP (gross domestic product).
- Explain the difference between fiscal and monetary policy.
- Discuss the concept of the unemployment rate measurement.
- Discuss the concepts of inflation and deflation.
- Explain other key terms related to this chapter including: supply; demand; equilibrium price; monopoly; recession; depression.
Preparation for Class
To prepare for this session, you will need to do the following activities:
- Review the Learning Objectives
- Read Chapter 3 from the Press Books site
- Watch the Video Presentation linked at the end of the chapter, just above the Key Takeaways.
- Watch this video to explain more about market structures Video LINK Links to an external site.