(Day 2)recording BMG100

Course Outline

A document that outlines the structure, expectations, and schedule for a course.

Moodle

An online learning platform used for course management and student engagement.

Simulation

A method used in education or training that replicates real-world processes to provide a hands-on learning experience.

Tutorials

Instructional sessions designed to teach students specific skills or topics.

Practice Zone

A designated area in a simulation where students can practice decision-making without real-world consequences.

Human Resources

The personnel of a business or organization, who manage and develop a workforce.

Natural Resources

Raw materials supplied by nature, such as water, minerals, and forests.

Financial Resources

Funds used to acquire natural and human resources essential for business operations.

Economic Systems

Structures that determine how resources are allocated and how wealth is produced and distributed in a society.

Capitalism

An economic system characterized by private ownership of production and the creation of goods or services for profit.

Communism

An economic and political system where all property is owned by the community, and each person contributes and receives according to their ability and needs.

Oligopoly

A market structure characterized by a small number of firms that dominate the market.

Monopoly

A market structure where a single seller controls the market, and there are no close substitutes for the good or service.

Monopolistic Competition

A market structure where many firms offer products that are similar but not identical.

Perfect Competition

A market structure with many buyers and sellers where no single participant can influence the price.

Supply and Demand

An economic model that describes the relationship between the quantity of a good that producers are willing to sell and the quantity that consumers are willing to buy.

Equilibrium Price

The price at which the quantity of a product supplied equals the quantity demanded.

GDP (Gross Domestic Product)

The total monetary value of all finished goods and services produced within a country's borders in a specific time period.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Deflation

A decrease in the general price level of goods and services.

Recession

A period of economic decline typically defined as a fall in GDP in two successive quarters.

Economic Cycles

Fluctuations in economic activity that can be measured by changes in GDP, encompassing periods of expansion and contraction.