Global Business Lessons

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					                              AOF: Business Economics
                                    Course Overview


INTRODUC TION
Business Economics is a course that provides students with an overview of
economics as it relates to business. It is one of the core courses offered by the
Academy of Finance.
Business Economics provides students with an introduction to the key concepts of
business economics—supply, demand, profit, costs, and markets—and differentiates
microeconomics from macroeconomics. It discusses the American economy and the
factors that influence the success of businesses and products. The course describes
forms of business ownership and discusses the relationship of labor and business,
then provides a broad overview of the global economy. Finally, because economics
affects every business job, students get a chance t o examine careers in business,
both as an employee and as a business owner.


COURSE OBJEC TIVES
After taking this course, students will be able to:
      Def ine economics, explain the relationship between economics and business,
       and distinguish between microecono mics and macroeconomics.
      Describe the American economic system and explain the impact on
       businesses of economic conditions (business cycles, unemployment, inflation,
       monetary and fiscal policy).
      Compare the basic economic principles of scarcity, opportunity costs, supply,
       demand, competition, production, productivity, product pricing, and the
       marketplace.
      Evaluate the economic advantages and disadvantages of various forms of
       business ownership.
      Explain the impact of international trade and exchange rates on businesses.
      Compare business economics careers as an employee and as a business
       owner.


Unit 1: Getting Started


Getting Started is the first of seven units within the AOF Business Economics course.


The two lessons that comprise Unit 1 – Lesson 1, Course Objectives; and Lesson 2,
Introduction to Business Economics – help students better understand the purposes
of economics in business and provide definitions that will help guide them throughout
the remainder of the unit.
While completing these lessons, st udents are introduced to the relationship between
economics and business. They also discover the differences between
macroeconomics and microeconomics and learn why it is important to learn about
business economics, in general.

Together, the lessons and activities in this unit will likely require seven class sessions
to complete.



Unit 1, Lesson 1: Course Objectives

Lesson 1, Course Objectives, is the first lesson in Getting Started, the first unit
within the AOF Business Economics course.

Lesson 1 provides students with an introduction to what they learn in the AOF
Business Economics course.

Students study examples of student projects from previous courses to get a better
idea of the subjects they will cover and the learning that will be expected of them
throughout the course.

This lesson will likely require two of the ten class sessions planned for this unit.


Unit 1, Lesson 2: Introduction to Business Economics

Lesson 2, Introduction to Business Economics, is the second lesson in Getting
Started, the first unit within the AOF Business Economics course.

Lesson 2 provides students with an introduction to the relevance of business
economics.

Students learn key terms, see how to create simple economic models and charts,
and summarize why they believe business economics studies are relevant to their
community.

This lesson will likely require five of the seven class sessions planned for this unit.


Unit 2: Basic Economic Princ iples



Basic Economic Principles is the second of seven units within the AOF Business
Economics course.

The four lessons that comprise Unit 2 – Lesson 3, Scarcity; Lesson 4, Utility,
Dim inishing Returns and Comparative Advantage; Lesson 5, Factors of Production;
and Lesson 6, Supply and Demand – help students better understand the basic
principles behind the economics of business.
While completing these lessons, students are introduced to some of the common
business solutions to the principle of scarcity and learn about the economic trade -off
decisions faced by businesses. They also discover how the laws of supply and
demand affect business and what happens when the factors of production interact
with entrepreneurism.

Together, the lessons and activities in this unit will likely require nineteen class
sessions to complete.




Unit 2, Lesson 3: Scarcity

Lesson 3, Scarcity, is the first lesson in Basic Economic Principles, the second unit
within the AOF Business Economics course.

Lesson 3 provides students with an introduction to fundamental economic
assumptions and terminology.

Students learn why scarcity of resources is the basic economic problem, and explore
tradeoffs, opportunity costs, constraints, utility, and cost-benefit analysis associated
with production of goods.

This lesson will likely require four of the eighteen class sessions planned for this unit.


Unit 2, Lesson 4: Utility, Opportunity Costs, and Diminishing Returns

Lesson 4, Utility, Opportunity Costs, and Dim inishing Returns, is the second lesson in
Basic Economic Principles, the second unit within the AOF Business Economics
course.

Lesson 4 provides students with a deeper understanding of the concept of utility in
relation to the law of diminishing marginal utility.

Students examine how individuals make personal consumption choices and
businesses make production decisions within an environment ruled by scarcity,
seeing how diminishing utility impacts economic decisions.

This lesson will likely require four of the nineteen class sessions planned for this unit.


Unit 2, Lesson 5: Factors of Production

Lesson 5, Factors of Production, is the third lesson in Basic Economic Principles, the
second unit within the AOF Business Economics course.

Lesson 5 provides students with an overview of the three classic factors of
production: labor, land, capital, and how a fourt h, entrepreneurs, brings them
together to create goods and services.
Students see how the law of supply and demand governs the three factors of
production and how these factors interrelate to result in manufactured products.

This lesson will likely require five of the 18 class sessions planned for this unit.


Unit 2, Lesson 6: Supply and Demand

Lesson 6, Supply and Demand, is the fourth lesson in Basic Economic Principles, the
second unit within the AOF Business Economics course.

Lesson 6 provides students with a look at how the laws of supply and demand affect
businesses in a free market, and what causes supply and demand to vary.

Students have an opportunity to develop supply and demand graphs and learn about
the equilibrium price of a product. Finally, they learn how competition, resource costs
and technology impact supply.

This lesson will likely require six of the nineteen class sessions planned for this unit.


Unit 3: Business Ownership and Structure

Business Ownership and Structure is the third of seven units within the AOF Business
Economics course.

The two lessons that comprise Unit 3 – Lesson 7, Entrepreneurship in a Free Market
Economy; and Lesson 8, Forms of Business Ownership – help students better
understand what it means to be an entrepreneur and what it takes to start a
business.

While completing these lessons, students are introduced to some of the pros and
cons behind being an entrepreneur. They also discover the different forms of
business ownership in a free market economy and the advantages and
disadvantages of each type.

Together, the lessons and activities in this unit will likely require two class sessions
to complete.



Unit 3, Lesson 7: Entrepre neurship in a Free-Market Economy

Lesson 7, Entrepreneurship in a Free-Market Economy, is the first lesson in Business
Ownership and Structure, the third unit within the AOF Business Economics course.

Lesson 7 introduces students to the role of entrepreneurs and shows them how new
business opportunities drive the economy forward.
Students generate and verify new business ideas, then outline a business plan, to
see how an idea is transformed into a realistic plan for a future enterprise. They also
examine the character traits of entrepreneurs.

This lesson will likely require six of the ten class sessions planned for this unit.


Unit 3, Lesson 8: Forms of Business Owne rship

Lesson 8, Forms of Business Ownership, is the second lesson in Business Ownership
and Structure, the third unit within the AOF Business Economics course.

Lesson 8 introduces students to the three major forms of business ownership—sole
proprietorship, partnership, and corporation.

Students learn key attributes, advantages, and disadvantages of each form of
ownership and how these relate to a business’ stage of development, size and
specific industry. They also analyze the ownership forms of local businesses.

This lesson will likely require five of the eleven class sessions planned for this unit.


Unit 4: Business and Competition

Business and Competition is the fourth of seven units within the AOF Business
Economics course.

The two lessons that comprise Unit 4 – Lesson 9, Equilibrium and Pricing; and Lesson
10, Competition and Pricing – help students better understand how businesses
compete and how they set prices for products.

While completing these lessons, students are introduced to the different types of
competition and how it and the marketplace affect the success of a product or
service. They also discover why businesses change their prices and learn what
factors producers consider w hen deciding how much of a specific product they should
sell.

Together, the lessons and activities in this unit will likely require seventeen class
sessions to complete.



Unit 4, Lesson 9: Equilibrium and Pricing

Lesson 9, Equilibrium and Pricing, is the first lesson in Business and Com petition, the
fourth unit within the AOF Business Economics course.

Lesson 9 introduces students to the impact of supply and demand on price.

Students participate in a live, interactive auction activity to see how price informs
supply and demand. They also explore the impact of price distortion caused by
government intervention in a market, and address how businesses use price
information and marginal analysis to maximize profitability. Finally, stude nts analyze
production, cost, and revenue data.

This lesson will likely require five of the seventeen class sessions planned for this
unit.


Unit 4, Lesson 10: Competition a nd the Ma rketplace

Lesson 10, Com petition and the Marketplace, is the second lesson in Business and
Competition, the fourth unit within the AOF Business Economics course.

Lesson 10 introduces students to different types of market competition — pure
market, monopoly, monopolistic competition, and oligopoly.

Students examine how businesses compete and how competition affects the success
of a product or service.

This lesson will likely require twelve of the seventeen class sessions planned for this
unit.

Unit 5 Overvie w: Economic Systems

Economic Systems is the fifth of seven units within the AOF Business Economics
course.

The four lessons that comprise Unit 5 – Lesson 11, The American Economy; Lesson
12, Economic Systems; Lesson 13, Currency Systems; and Lesson 14, International
Trade – help students better understand the different types of economic systems out
in the marketplace and the different factors affecting them.

While completing these lessons, students are introduced to the different ways that
government can affect business and learn about why countries trade with each
other. They also discover the impacts of the global economy on employment, prices,
pollution, and labor standards.

Together, the lessons and activities in this unit will likely require twenty-one class
sessions to complete.



Unit 5, Lesson 11: The Ame rican Eco nomy

Lesson 11, The Amer ican Economy, is the first lesson in Business and Com petition,
the fourth unit within the AOF Business Economics course.

Lesson 11 shows students the underlying tenants of the American economy.
Students see how what they’ve learned about economic principles meets their own
values as they look at government influence on business and individuals and the cost
and consequences of that influence.

This lesson will likely require five of the twenty-one class sessions planned for this
unit.


Unit 5, Lesson 12: Economic Systems

Lesson 12, Econom ic Systems, is the second lesson in Economic Systems, the fifth
unit within the AOF Business Economics course.

Lesson 12 introduces students to other kinds of economic systems.

Students compare free market and command economies, examining the core
principles of each and how they affect business owners.

This lesson will likely require three of the twenty-one class sessions planned for this
unit.


Unit 5, Lesson 13: Currency Systems

Lesson 13, Currency Systems, is the third lesson in Econom ic Systems, the fifth unit
within the AOF Business Economics course.

Lesson 13 introduces students to the differences in currency systems worldwide.

Students explore exchange rates, see why they fluctuate and how their fluctuations
affect businesses.

This lesson will likely require six of the twenty-one class sessions planned for this
unit.


Unit 5, Lesson 14: International Trade

Lesson 14, International Trade, is the fourth lesson in Economic Systems, the fifth
unit within the AOF Business Economics course.

Lesson 14 helps students understand why countries trade with each other and the
importance of import and export.

Students examine how specialization, absolute and comparative advantages, tariffs,
embargoes and quotas affect free international trade, and explore the impact of the
global economy on employment, prices, pollution, and labor standards.

This lesson will likely require seven of the twenty-one class sessions planned for this
unit.

Unit 6 Overvie w: Caree r Development in Business Ec onomics
Career Development in Business Economics is the final unit within the AOF Business
Economics course.


The two lessons that comprise Unit 6 – Lesson 15, Lear ning with Industry Experts;
and Lesson 16, the Culm inating Project Review and Course Closure – aim to provide
students with opportunities to discuss and reflect upon what they have learned
during the Business Economics course and how this can help guide their future
careers.

While completing these lessons, students are also introduced to the different ways in
which they can share what they have learned with others. They also discover some
of the qualifications that employers need to see in entry-level employees.

Together, the lessons and activities in this u nit will likely require eight class sessions
to complete.



Unit 6, Lesson 15: Learning from Industry Experts

Lesson 15, Lear ning from Industry Experts, is the first lesson in Wor king in Business,
the sixth and final unit within the AOF Business Economics course.

Lesson 15 helps students understand what qualif ications employers seek in entry -
level employees and what the career opportunities are in the field of economics.

Students look at sample resumes, consider their own qualif ications and meet
available industry professionals to learn about career roles. After understanding the
characteristics needed to be successful in the job market, they begin a search for
employment opportunities.

This lesson will likely require four of the eight class sessions planned for this unit.


Unit 6, Lesson 16: Culminating Proje ct Revie w and Course C losure


Lesson 16, Culm inating Project Review and Course Closure, is the final lesson in
Wor king in Business, the sixth and final unit within the AOF Business Economics
course.

Lesson 16 provides students with the opportunity to complete the course by
reflecting on their class experiences.

Students review what they learned; see how to share what they’ve learned; and see
how their ideas may have changed during the course.

This lesson will likely require four of the eight class sessions planned for this unit.

				
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