Unit 1: The Context of Business
This unit covers basic concepts which provide a context for business. We explore economic and historical information governments use to make decisions, which provides a foundation for future decision-making. You will learn about productivity, the business cycle, the impact of business on society, economic trends and policies, and elements of global business. We will examine the financial meltdown of 2008, including the government bailout of AIG and General Motors, and the collapse of Lehman Brothers, which provide teachable moments in economic policy and business cycles.
Completing this unit should take you approximately 16 hours.
Upon successful completion of this unit, you will be able to:
- identify foundational business practices;
- describe economic indicators;
- identify positive and negative impacts of business on society;
- use economic indicators to describe the state and health of an economy;
- identify and explain current economic trends;
- identify the four phases of the business cycle in real-life situations;
- use economic indicators to predict where a business is heading in the business cycle;
- describe global trade restrictions;
- identify factors affecting the success of businesses;
- evaluate the feasibility of doing business in a foreign country;
- describe methods for business entry into the global marketplace; and
- identify trade facilitators.