Homework Question

Review the factors that affect businesses (found in Section 1-7d in the textbook) and watch the following videos:

• Introduction to Economics; Market Equilibrium and Market Forces (5:55)
• Macroeconomics: Crash Course Economics #5 (13:42)

In a journal, reflect on the following:

• Think about the company you currently work for or one you have worked for in the past. How do the economy, technology, global environment, market forces (supply, demand, competition, inflation, unemployment, government regulation, etc.), and competition affect the organization's ability to be successful?
• Why is it important to consider all the above factors in the economic environment when thinking about a strategy change?