From the course: Economics for Business Leaders

Unlock the full course today

Join today to access over 22,400 courses taught by industry experts or purchase this course individually.

Articulating economic impacts

Articulating economic impacts

From the course: Economics for Business Leaders

Start my 1-month free trial

Articulating economic impacts

- Business leaders might not have been economics majors in college. In fact, they may have very little formal economic training at all, but business leaders need to be conversant in a few kinds of economic data. After all, the economy can impact a business significantly, including its growth, profitability and long-term strategy. In all, there are four main kinds of data that business leaders need to be familiar with. The most important category of economic data that business leaders watch for demand is growth data. This includes GDP or gross domestic product, which shows how fast an economy is growing. Most businesses grow best when the economy they're in is also growing. Then there's jobs data, like the unemployment rate, which shows if people have jobs. This is important because people with jobs buy stuff. And if people have jobs, it's going to be better for your business. Retail sales data shows what people are buying,…

Contents