Video signpost: Introducing Economics: Basic Concepts
The business world does not sit in a vacuum. Any individual business can be affected by local, national, and global factors, and can be impacted by economics on multiple levels. Depending on what is happening in the market, small businesses may, for example, be able to be more flexible than huge companies, and possibly respond to changes more quickly. On the other hand, larger businesses may have more funds and resources available to respond to economic changes. It is important, therefore, for any business owner / entrepreneur to have a basic understanding of economics.
This video briefly looks at some of the key concepts of economics, and why they are important.
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