Understanding the Basics

When a student arrives on campus as a young freshman, they are handed a pamphlet that is filled with required classes. It includes everything from basic anthropology to calculus. Somewhere on this long list is economics 101, a class often dreaded and viewed as tedious, vapid, and a sure grade point average killer.

Most students fail to realize the importance of the basic concepts of supply, demand, surplus, and scarcity in the business world. When a higher-level CEO asks a young analyst why the product is not selling, he/she will need to be able to explain why there is a surplus and what to do in order to fix the problem.

The UNC Business Essentials course gives us a basic understanding of these concepts so that we are better prepared for questions such as the one above. In my personal career, I hope to put this knowledge to use in helping to decipher government policy and the policy of the Federal Reserve or the National Treasury.

In the increasingly global environment that businesses operate within, it is important to understand the relationship of these basic economic principles that are involved with the daily activities of businesses.

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