Putting It Together: Economic Environment.pdf - Putting It...

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Putting It Together: EconomicEnvironmentSynthesisIn this chapter you learned about the fundamental economic principles thataffect the environment in which businesses operate. Understanding theeconomy is like getting the weather forecast before you head out the door.Might you need to pack a sweater or an umbrella or grab some sunscreen?Perhaps, like Dorothy in The Wizard of Oz, head for the nearest cellar? If youignore the forecast, you can find yourself unprepared and caught in a storm. Ofcourse, economic forecasts aren’t totally reliable—sometimes there’s a freakweather event that no one saw coming. Nonetheless, having a basicunderstanding of how supply and demand work, how different economicsystems function, and how the business cycle connects to the economy can helpyou make informed decisions—and make the best out of a rainy day.Learning ResourcePutting It Together: Economic Environment...1 of 45/19/20, 1:23 AM
SummaryIn this chapter you learned about the fundamental principles of economics andhow they shape the business environment. Below is a summary of the key pointscovered.What Is Economics?Economics focuses on the ways in which people, businesses, and governmentsmake decisions when faced with scarce resources. Economists study the

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Term
Fall
Professor
Huff, Gerald
Tags
Economics, Supply And Demand, Linda Williams

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