About This Chapter
Business Interactions with the Marketplace - Chapter Summary
The lessons in this chapter look at the steps in decision making, including intuitive decision making and the principle of rational choice. You'll get information on what constitutes a business organization, including structure, type and examples. Our instructors also introduce the concept of entrepreneurship and why it's important. After viewing these lessons, you should be able to:
- Give examples of several types of business organizations
- Explain why entrepreneurship is important to the economy
- Relate the seven steps of decision making
- Explain the principle of rational choice in economics
- Analyze intuitive decision making in business and management
These lessons, taught by professionals in the field, include self-assessment quizzes that allow you to gauge your knowledge. Video tags make it easy to return to the lesson and review passages that require more attention. If you still have questions, you can contact the instructor directly for further help.
1. What Is a Business Organization? - Structure, Types & Examples
Want to start a business? One of the first steps is to pick its form. In this lesson, you'll learn about the primary ways businesses are organized with examples provided along the way.
2. Entrepreneurship & the Economy: Definition & Importance
Entrepreneurs fill a vitally important role in market economies. In this lesson, you'll learn about the importance of entrepreneurship, different types of entrepreneurs and how they add value to an economy.
3. The Seven Steps of Decision Making
Effective decision-making is an essential skill for every manager. In this lesson, you'll learn about a seven-step process for effective decision-making. You'll also have an opportunity to take a short quiz after the lesson.
4. Principle of Rational Choice in Economics: Theory & Analysis
Economic theory is based on several important concepts. One of those concepts is that people make choices in their best self-interest. This is known as the Rational Choice Theory. We will explore this concept in more detail in this lesson.
5. Intuitive Decision Making in Business and Management
Managers often rely on patterns and intuition to make quick decisions. Intuitive decision making can be very beneficial in the business world and differs from rational processes in several ways. Learn more about both decision-making tools and find out which process provides the best solutions.
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Other chapters within the AEPA Economics (AZ035): Practice & Study Guide course
- Economic Concepts & Terms
- Scarcity, Costs & Production in Economics
- Basics of Measuring the Economy
- Scarce Economic Resource Markets Basics
- Supply, Demand & Market Equilibrium
- Price Determination & Elasticity
- Producers & Production in Microeconomics
- Economic Market Structures
- Fiscal & Monetary Policies in Economics
- Contractionary & Expansionary Gaps
- Economic Governance
- Understanding Macroeconomic Equilibrium
- Inflation & Adjustment in Economics
- Unemployment Basics
- Understanding Inflation & Unemployment
- Overview of Aggregate Demand & Supply
- Understanding Economic Growth and Productivity
- Understanding Comparative Advantage, Specialization & Exchange
- Money & the Market
- The Central Bank & Monetary Policy
- Foreign Exchange & Trade Balance
- Overview of Inflows, Outflows & Restrictions
- Strategies for Economic Analysis
- Consumer Behavior & Microeconomics
- Consumer Buyer Behavior
- Promotion & Public Relations in Marketing
- Consumer Protection Laws & Agencies
- AEPA Economics Flashcards