This document outlines the key learning outcomes and concepts for an introduction to business course. It includes 8 main learning outcomes that cover topics such as how businesses impact standard of living, the different sectors of the business environment, economic systems, macroeconomic and microeconomic indicators of economic health, government monetary and fiscal policies, demand and supply concepts, different market structures, and trends reshaping the business environment. Each learning outcome lists related concept check questions to test understanding of the key topics. Diagrams and exhibits are also included to illustrate various economic concepts.

1. PowerPoint Image Slideshow
Introduction to Business

2. Learning Outcomes
1. How do businesses and not-for-profit organizations help create our standard of
living?
2. What are the sectors of the business environment, and how do changes in them
influence business decisions?
3. What are the primary features of the world’s economic systems, and how are the
three sectors of the U.S. economy linked?
4. How do economic growth, full employment, price stability, and inflation indicate
a nation’s economic health?
5. How does the government use monetary policy and fiscal policy to achieve its
macroeconomic goals?
6. What are the basic microeconomic concepts of demand and supply, and how do
they establish prices?
7. What are the four types of market structure?
8. Which trends are reshaping the business, microeconomic, and macroeconomic
environments and competitive arena?

3. 1. How do businesses and not-for-profit organizations
help create our standard of living?
• CONCEPT CHECK
1. Explain the concepts of revenue, costs, and
profit.
2. What are the five factors of production?
3. What is the role of an entrepreneur in
society.

4. 2. What are the sectors of the business environment, and
how do changes in them influence business decisions
• CONCEPT CHECK
1. Define the components of the internal and the
external business environments.
2. What factors within the economic environment
affect businesses?
3. Why do demographic shifts and technological
developments create both challenges and new
opportunities for business?

5. Exhibit 1.4 The Dynamic Business Environment

6. 3. What are the primary features of the world’s economic
systems, and how are the three sectors of the U.S. economy
linked?
• CONCEPT CHECK
1. What is economics, and how can you benefit from
understanding basic economic concepts?
2. Compare and contrast the world’s major economic
systems. Why is capitalism growing, communism
declining, and socialism still popular?
3. What is the difference between macroeconomics
and microeconomics?

7. Table 1.1 The Basic Economic Systems of the World

8. Table 1.1, The Basic Economic Systems of the World - Continued

9. Exhibit 1.6 Economics as a Circular Flow

10. 4. How do economic growth, full employment, price stability,
and inflation indicate a nation’s economic health?
• CONCEPT CHECK
1. What is a business cycle? How do businesses adapt
to periods of contraction and expansion?
2. Why is full employment usually defined as a target
percentage below 100 percent?
3. What is the difference between demand-pull and
cost-push inflation?

11. 5. How does the government use monetary policy and
fiscal policy to achieve its macroeconomic goals?
• CONCEPT CHECK
1. What are the two kinds of monetary policy?
2. What fiscal policy tools can the government
use to achieve its macroeconomic goals?
3. What problems can a large national debt
present?

12. Exhibit 1.9 Revenues and Expenses for the Federal Budget

13. 6. What are the basic microeconomic concepts of
demand and supply, and how do they establish prices?
• CONCEPT CHECK
1. What is the relationship between prices and
demand for a product?
2. How is market equilibrium achieved? Describe the
circumstances under which the price for gasoline
would have returned to equilibrium in the United
States after Hurricane Katrina.
3. Draw a graph that shows an equilibrium point for
supply and demand.

14. Exhibit 1.11 Demand Curve for Jackets for Snowboarders

15. Exhibit 1.12 Supply Curve for Jackets for Snowboarders

16. Exhibit 1.13 Equilibrium Price and Quantity for Jackets for
Snowboarders

17. Exhibit 1.14 Shifts in Demand for Jackets for Snowboarders

18. Table 1.2 Factors That Cause Demand and Supply Curves to Shift

19. Table 1.3 Comparison of Market Structures

20. Table 1-3, Comparison of Market Structures - continued

21. 7. What are the four types of market structure?
• CONCEPT CHECK
1. What is meant by market structure?
2. Compare and contrast perfect competition
and pure monopoly. Why is it rare to find
perfect competition?
3. How does an oligopoly differ from
monopolistic competition?

22. 8. Which trends are reshaping the business,
microeconomic, and macroeconomic environments
and competitive arena?
• CONCEPT CHECK
1. What steps can companies take to benefit from the
aging of their workers and to effectively manage a
multigenerational workforce?
2. Why is the increasing demand for energy
worldwide a cause for concern?
3. Describe several strategies that companies can use
to remain competitive in the global economy.
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