Learning Activity #1: Economics
This learning activity focuses on a variety of economic topics that affect the business decisions we make every day (e.g. law of supply and demand).
Part A: Review the table below. Notice the economic categories across the top row. Select one item from two of the economic categories and explain how the topic exemplifies the principle. Be sure to define the principle and how a business can be affected by the principle.
Balance of Trade
Supply and Demand
New Technology-Obsolesce
Employment
GDP health indicators
Made in America product identification
Buying toys at Christmas versus other times of the year
Ceasing to use a landline in favor of a cell phone
Aging population
Rise in Federal Interest Rates
Buying a Toyota Tacoma or Dodge Ram
Shovels and generators during a blizzard
New Bio Gasoline Discovery
Length of time it takes to get a job
A downturn in the housing rate
Buying products at Walmart or the Dollar Store
Gas prices when OPEC reduces production
An App that controls you home doors, oven etc.
Christmas hires
Christmas Sales.
