Business Administration Diploma Web & Digital Marketing Specialty: Principles of Economics

About Course

This course provides an overview of Canadian business, industry and government and their interactions with local, national and international economies. Topics include resource allocation and the impact of current events upon public and private financial decisions.

Upon successful completion of this course, the student will have demonstrated the ability to:
● Understand how current events impact public and private financial decisions.
● Explore alternative economic systems.
● Understand the Canadian economy’s place in the global business environment. Research, compare of alternative economic systems.
● Build an ability to analyze current economic events reported in the media and the linkages to business decision making.
● Understand and explain how firms raise money.
● Be able to review, understand and assess concerns of the Federal Government’s budget and the implications for business in the years ahead.
● Understand business cycles and the linkages to unemployment and inflation as well as the associated economic tools used to minimize these conditions.
● Describe how the Bank of Canada influences money supply.
● Outline Trade Block (NAFTA, GATT) initiatives on economic policy.

Course Content

Topic 1: Introduction to Economics and Business

Introduction to Economics and Business

03:33
LO1: Define fundamental economic concepts, including scarcity, choice, opportunity cost, and resource allocation

10:40
LO2: Explain the relationship between economic principles and business decision-making

11:48
LO3: Analyze how economic conditions influence business activities and resource allocation

12:01

Topic 2: Types of Economic Systems and Their Business Impacts

Topic 3: The Canadian Economy in the Global Marketplace

Topic 4: Interpreting Current Economic Events and Trends

Topic 5: Business Financing and Capital Raising Methods

Quiz I

Topic 6: Federal Budgeting and Its Effect on Businesses

Topic 7: Understanding the Business Cycle and Economic Fluctuations

Topic 8: Unemployment, Inflation, and Their Economic Consequences

Topic 9: Economic Stabilization Tools and Government Interventions

Topic 10: Functions and Influence of the Bank of Canada

Quiz II

Topic 11: Trade Agreements and Economic Policy Development

Topic 12: Overview of NAFTA and GATT in Trade Policy

Topic 13: Global Trade and International Business Dynamics

Topic 14: Exchange Rates and Their Role in Global Trade

Topic 15: Central Banks and Economic Policy Implementation

Topic 16: Fiscal Policy: Government Spending and Taxation

Topic 17: Monetary Policy and Maintaining Economic Stability

Topic 18: Impact of Global Economic Events on Business

Topic 19: Forecasting the Business Cycle for Strategic Planning

Final Exam Quiz

About Course

What Will You Learn?

Course Content

Topic 1: Introduction to Economics and Business

Introduction to Economics and Business

LO1: Define fundamental economic concepts, including scarcity, choice, opportunity cost, and resource allocation

LO2: Explain the relationship between economic principles and business decision-making

LO3: Analyze how economic conditions influence business activities and resource allocation

Topic 2: Types of Economic Systems and Their Business Impacts

Types of Economic Systems and Their Business Impacts

LO1: Identify the key characteristics of different economic systems and their approaches to resource allocation

LO2: Compare how economic systems influence business ownership, competition, and decision-making

LO3: Evaluate the suitability of different economic systems for supporting business growth and economic development

Topic 3: The Canadian Economy in the Global Marketplace

The Canadian Economy in the Global Marketplace

LO1: Outline the major features of the Canadian economy and its participation in international markets

LO2: Examine the role of Canadian businesses in global trade and international economic activities

LO3: Assess how Canada’s position in the global marketplace affects business opportunities and challenges

Topic 4: Interpreting Current Economic Events and Trends

Interpreting Current Economic Events and Trends

LO1: Classify major economic indicators and trends relevant to business decision-making (copy)

LO2: Interpret current economic events using relevant economic concepts and indicators

LO3: Determine the potential effects of current economic trends on Canadian businesses and industries

Topic 5: Business Financing and Capital Raising Methods

Business Financing and Capital Raising Methods

LO1: Summarize common sources and methods of business financing and capital raising

LO2: Differentiate between debt, equity, and other financing options available to businesses

LO3: Appraise financing methods according to business objectives, financial requirements, and risk considerations

Quiz I

Quiz I

Topic 6: Federal Budgeting and Its Effect on Businesses

Federal Budgeting and Its Effect on Businesses

LO1: Explain the purpose and major components of the Canadian federal budget

LO2: Examine how government spending, taxation, and budgetary decisions affect businesses

LO3: Determine the potential business implications of changes in Canadian federal budget policies

Topic 7: Understanding the Business Cycle and Economic Fluctuations

Understanding the Business Cycle and Economic Fluctuations

LO1: Identify the major phases and characteristics of the business cycle

LO2: Illustrate the causes and effects of economic expansions, contractions, recessions, and recoveries

LO3: Analyze how business cycle fluctuations influence business planning, investment, employment, and sales

Topic 8: Unemployment, Inflation, and Their Economic Consequences

Unemployment, Inflation, and Their Economic Consequences

LO1: Define unemployment and inflation and distinguish their major forms and measures

LO2: Explain how unemployment and inflation affect consumers, businesses, and the Canadian economy

LO3: Evaluate the economic consequences of changing unemployment and inflation rates for business decision-making

Topic 9: Economic Stabilization Tools and Government Interventions

Economic Stabilization Tools and Government Interventions

LO1: Identify major government tools used to promote economic stability

LO2: Describe how fiscal, monetary, and other government interventions address economic fluctuations

LO3: Assess the effectiveness of economic stabilization measures in addressing different economic conditions

Topic 10: Functions and Influence of the Bank of Canada

Functions and Influence of the Bank of Canada

LO1: Outline the mandate, major functions, and responsibilities of the Bank of Canada

LO2: Explain how the Bank of Canada uses monetary policy to influence economic conditions

LO3: Analyze the Effects of Bank of Canada Policy Decisions on Businesses, Consumers, and Financial Markets

Quiz II

Quiz II

Topic 11: Trade Agreements and Economic Policy Development

Trade Agreements and Economic Policy Development

LO1: Recognize major trade agreements that influence Canada’s international economic relationships

LO2: Illustrate how trade agreements shape economic policy and business activities

LO3: Assess the potential benefits and challenges of trade agreements for Canadian businesses

Topic 12: Overview of NAFTA and GATT in Trade Policy

Overview of NAFTA and GATT in Trade Policy

LO1: Summarize the purpose and historical significance of GATT and NAFTA in international trade

LO2: Differentiate the objectives and trade-policy implications of GATT and NAFTA

LO3: Determine their influence on Canada’s international trade relationships and business environment

Topic 13: Global Trade and International Business Dynamics

Global Trade and International Business Dynamics

LO1: Define key concepts associated with global trade and international business

LO2: Explore factors that influence international business activities and global trade flows

LO3: Analyze how global trade dynamics create opportunities and risks for Canadian businesses

Topic 14: Exchange Rates and Their Role in Global Trade

Exchange Rates and Their Role in Global Trade

LO1: Describe exchange rates and distinguish factors that influence currency values

LO2: Interpret how exchange-rate movements affect imports, exports, costs, and revenues

LO3: Appraise the implications of exchange-rate fluctuations for Canadian businesses engaged in international trade

Topic 15: Central Banks and Economic Policy Implementation

Central Banks and Economic Policy Implementation

LO1: Identify the major functions of central banks in managing economic conditions