Chapter Name: Introduction to Economics
Description:Introduces economic principles and their relevance to retail business.
Purpuse:To help learners understand economic influences on business decisions.
Rational:Economic literacy helps managers make informed and strategic decisions.
Chapters Topics
Definitions and terminology associated with economics
Provides an overview of basic economic terms such as supply, demand, market, price elasticity, and economic systems, forming the foundation of economic analysis.
Key concepts and principles associated with economics
Introduces essential economic concepts such as scarcity, opportunity cost, supply and demand, market equilibrium, and the role of government in the economy.
Implications and contextualization of economics within a developing society
Explores how economic theories and principles apply to the context of developing economies, including issues such as poverty, unemployment, and economic growth.
How to use these concepts in my job
Explains how economic concepts such as supply and demand, pricing strategies, and market dynamics can be applied to day-to-day retail management and decision-making.