# CTE Resource Center - Verso - Marketing, Advanced Task 793558952

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain the effects of economic change on business and employment.

Definition

Explanation should include
  • types of economic change (e.g., inflation, recession, expansion, depression, recovery)
  • ways these changes can affect the business environment in general (e.g., employment levels, consumer confidence)
  • ways these changes can affect the marketing environment (e.g., hiring, reduction in force, position elimination, reorganization/combining of job duties)
  • reasons that economic forecasting is important to a business (e.g., product/service planning, purchasing, budgeting).

Process/Skill Questions

  • How might a tragedy or natural disaster change a nation’s economy? How might the political environment affect a nation's economy?
  • What are examples of such occurrences that have directly affected the U.S. economy and business environment? What were the effects?
  • How might a business prepare itself to address unexpected occurrences?
  • Why is economic forecasting important? Why should businesses conduct PEST (political, economic, social, and technological) analyses?
  • What are some of the key economic indicators? Why is each important to a business?

Related Standards of Learning

English

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

History and Social Science

GOVT.14

The student will apply social science skills to understand economic systems by

  1. identifying the basic economic questions encountered by all economic systems;
  2. comparing the characteristics of traditional, free market, command, and mixed economies, as described by Adam Smith and Karl Marx; and
  3. evaluating the impact of the government’s role in the economy on individual economic freedoms.

GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

  1. describing the provision of government goods and services that are not readily produced by the market;
  2. describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
  3. investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
  4. analyzing how Congress can use fiscal policy to stabilize the economy;
  5. describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
  6. evaluating the trade-offs in government decisions.

Other Related Standards

National MBAResearch Standards-Business Administration

Understand economic indicators to recognize economic trends and conditions.

 

Understand fundamental economic concepts to obtain a foundation for employment in business.