Module 1: Learner Objectives

Module 1: Understanding Economic Systems and Business

Summary Notes: IntroductiontoBusiness-IM-Ch01.doc Download IntroductiontoBusiness-IM-Ch01.doc

After completing this learning module, students will be able to:

The Nature of Business > Learning Outcome 1

 A business is an organization that strives for profit by providing goods and services its customers desire. Goods are tangible items manufactured by businesses; services are intangible offerings of companies. Goods and services are the basis of our standard of living, measured by the output of goods and services people can buy with their money.

Understanding the Business Environment > Learning Outcome 2  

Businesses operate in a dynamic environment that directly influences their operations and whether they will achieve their objectives. The external environment comprises seven key sub-environments: economic, political and legal, demographic, social, competitive, global, and technological.

Business owners and managers have more control over the internal environment of the business, which includes the day-to-day decisions that are made. The internal environment comprises sub-environments such as entrepreneurs, managers, workers, and customers. The internal environment comprises sub-environments such as entrepreneurs, managers, workers, and customers.

To meet the learning outcomes in this module, students are expected to complete the following:

Read

Global Economic Prospectives

External Business Environment

Politics and Business Economics

Socialism, Fascism, and Communism

Authentic Capitalism

Assignments

Video How the Federal Reserve works

Assignment - Video Discussion Federal Reserve (February 2, 2025)

Video How Starbucks Became An $80B Business

Assignment - Video Discussion Starbucks – (January 26, 2025)

Assignment - Case Study CFPB (February 2, 2025)

Discussion Topic - Socratic Seminar: Bailouts (February 2, 2025)