This unit provides the foundational economic principles upon which all other business concepts are built. It is strategically important as it introduces students to the core problems of scarcity, the necessity of choice, and the market dynamics of demand and supply that govern resource allocation in any economy.
Curriculum
- 3 Sections
- 18 Lessons
- 10 Weeks
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- 1.1 Basic Economic Concept9
- 1.11.1.1 The Distinction Between Needs and Wants
- 1.21.1.2 The Economic Problem of Scarcity and the Necessity of Choice
- 1.31.1.3 Understanding Opportunity Cost as the Next Best Alternative Foregone
- 1.41.1.4 Using the Production Possibility Curve (PPC) to Illustrate Opportunity Cost
- 1.51.1.5 Classifying Goods and Services (Free vs. Economic, Consumer, Producer, Merit, & Public Goods)
- 1.61.1.6 Principles of Demand and the Law of Demand
- 1.71.1.7 Principles of Supply and the Law of Supply
- 1.81.1.8 The Function of the Price Mechanism in Determining Market Equilibrium
- 1.9Quiz 10 Questions
- 1.2 The Factors of Production6
- 2.11.2.1 Introduction to the Four Factors of Production: Land, Labour, Capital, and the Entrepreneur
- 2.21.2.2 Land: Characteristics of Natural Resources and their Reward (Rent)
- 2.31.2.3 Labour: Characteristics of Human Effort and its Reward (Wages/Salary)
- 2.41.2.4 Capital: Characteristics of Man-made Resources and its Reward (Interest)
- 2.51.2.5 The Entrepreneur: The Role of the Organizer and their Reward (Profit/Loss)
- 2.6Quiz 20 Questions
- 1.3 Stakeholders6
- 3.11.3.1 Defining Stakeholders and their Relationship to a Business
- 3.21.3.2 Identifying Internal Stakeholders: Owners, Managers, Shareholders, and Employees
- 3.31.3.3 Identifying External Stakeholders: Customers, Government, Suppliers, Pressure Groups, and Community
- 3.41.3.4 Analyzing the Distinct Roles and Responsibilities of Key Stakeholder Groups
- 3.51.3.5 Evaluating Potential Sources of Conflict Among Different Stakeholders
- 3.6Quiz 30 Questions
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