American Business Leslie Lum Bellevue Community College.

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Presentation transcript:

American Business Leslie Lum Bellevue Community College

What is the economy?

Brainstorming What is a business? What is the context of a business? What environment does it operate in? Form a group –Brainstorm what a business is –Draw a picture of your ideas –Report back to the class

Part of the U.S. economy? Building a house in New Mexico Toyota cars assembled in Kentucky Hair salon in South Dakota Seattle SuperSonics Coca Cola plant in China

Who wants to be a millionaire-- What is the size of the US economy? How does it compare to the rest of the world?

Measuring the economy GDP adjusted for inflation. Growth is graphed. Value of goods and services are totaled.

The rate of change of GDP Growth Period of Expansion Contraction Recession

2004/5 data

Inflation Increase in the price of goods and services How do we measure it? Is it good or bad? What has been the inflation rate for the past 30 years?

Consumer Price Index

Inflation

How does the US compare?

Role of Government Monetary Policy - Federal Reserve sets interest rates Fiscal Policy - Spending to stimulate economy

Can the Government afford to help? Deficits or surplus ($billion)

Monetary Policy - How it works

The Whole Picture The Business Cycle is crucial to business planning

How to avoid finding yourself in the middle of a recession Important to look ahead Predict upturns and downturns

Economic indicators Construction Manufacturers’ shipments, inventories, orders Employment Consumer credit Wholesale trade Capacity

Shifts in the American Economy The American Economy consists of many industries Not all industries are growing or contracting at the same rate Where should you be?