{"id":215,"date":"2021-09-13T00:01:00","date_gmt":"2021-09-13T04:01:00","guid":{"rendered":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-1800-intro-to-business-professor-buckler-fall-2021\/?page_id=215"},"modified":"2023-01-25T13:24:27","modified_gmt":"2023-01-25T18:24:27","slug":"unit-2-course-materials","status":"publish","type":"page","link":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/units\/unit-2-course-materials\/","title":{"rendered":"Unit 2 Course Materials"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\" id=\"block-54e37110-5eb1-4cb8-b6f2-3701006fdc3a\">Welcome to <strong>Unit 2: Economic Environment<\/strong>! In this unit, we will explore the fundamentals of economics and how organizations balance resources and scarcity. Economics is the study of choice given <em>scarcity<\/em>. We&#8217;ll also learn about <em>opportunity cost<\/em> and how that factors into decision making.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-4f14c311-9dd2-4fa5-b809-7d8da8d4ced1\">By the end of this unit, you should be able to:<\/p>\n\n\n\n<ul class=\"wp-block-list\" id=\"block-4811cfbc-2669-4bfd-aad1-cc7def10f2a9\"><li>Explain what economics is and why it\u2019s important<\/li><li>Describe the difference between major different economic systems<\/li><li>Explain the law of demand<\/li><li>Explain the law of supply<\/li><li>Explain market equilibrium, surplus, and shortage<\/li><li>Describe how economists evaluate the health of an economy<\/li><li>Identify and explain the four stages of an economy (expansion, peak, contraction, and trough), and describe their impact on business operations<\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator\" id=\"block-9a5778fd-5021-440a-bae6-f2bc915aa137\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>In order to successfully complete this unit, you&#8217;ll need to do the following:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. Read this Open Educational Resource (free to access): <strong><a rel=\"noreferrer noopener\" href=\"https:\/\/courses.lumenlearning.com\/wmopen-introductiontobusiness\/chapter\/why-it-matters-2\/\" target=\"_blank\">Module 2: Economic Environment<\/a><\/strong>\u00b9<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Watch <a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>this <\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>C<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>r<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>a<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>s<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>h<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong> <\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>C<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>o<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>u<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>r<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>s<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>e<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong> <\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>i<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>n<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong> <\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>E<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>c<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>o<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>n<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>o<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>m<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>i<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong>c<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>s<\/strong><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM\" target=\"_blank\"><strong> video<\/strong><\/a> on YouTube (embedded below)<sup>2<\/sup><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Intro to Economics: Crash Course Econ #1\" width=\"625\" height=\"352\" src=\"https:\/\/www.youtube.com\/embed\/3ez10ADR_gM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><mark class=\"has-inline-color has-white-color\">.<\/mark><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Complete our <strong>Unit 2 Assignment<\/strong>. You can find more details <strong><a rel=\"noreferrer noopener\" href=\"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/assignments\/unit-2-assignment\/\" target=\"_blank\">here<\/a><\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">As always, if you need more information, you can <a href=\"https:\/\/openlab.bmcc.cuny.edu\/groups\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/forum\/topic\/ask-a-question-10\/\"><strong>ask me a question<\/strong><\/a>. For information on due dates, check our <a href=\"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/about-this-class\/schedule\/\"><strong>Course Schedule<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Sources:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>1<\/sup>Why It Matters: Role of Business.&nbsp;<strong>Authored by<\/strong>: Linda Williams and Lumen Learning.&nbsp;<strong>License<\/strong>:&nbsp;<em><a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>2<\/sup><strong>Crash Course<\/strong> on YouTube: https:\/\/www.youtube.com\/watch?v=3ez10ADR_gM<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>3<\/sup>CC LICENSED CONTENT, ORIGINALPowerPoints.&nbsp;<strong>Provided by<\/strong>: Lumen Learning.&nbsp;<strong>License<\/strong>:&nbsp;<em><a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to Unit 2: Economic Environment! In this unit, we will explore the fundamentals of economics and how organizations balance resources and scarcity. Economics is the study of choice given scarcity. We&#8217;ll also learn about opportunity cost and how that factors into decision making. By the end of this unit, you should be able to: [&hellip;]<\/p>\n","protected":false},"author":1403,"featured_media":0,"parent":35,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"portfolio_post_id":0,"portfolio_citation":"","portfolio_annotation":"","openlab_post_visibility":"","footnotes":""},"class_list":["post-215","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/pages\/215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/users\/1403"}],"replies":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/comments?post=215"}],"version-history":[{"count":8,"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/pages\/215\/revisions"}],"predecessor-version":[{"id":918,"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/pages\/215\/revisions\/918"}],"up":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/pages\/35"}],"wp:attachment":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/bus-104-0509-intro-to-business-professor-buckler-spring-2023\/wp-json\/wp\/v2\/media?parent=215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}