Economics

In business class, we recently learnt about economics, what we learnt about economics relates to our statement of inquiry(SOI) which is understanding that business operate within a system whose structure is influenced by casualty external factors. This is because what we learnt in economics is mostly about an economic shock. As you might not know about economic shock, it is generated by a unpredicted event whether it is positive or negative. This of course relates to the SOI because the SOI clearly states businesses are influenced by external factors, which again shows how it relates to economics. This has relevance with the global context which is Identities and Relationships, because the relationship through something/business or event can drastically or small changes in businesses whether it is from profit or to identity. For example, if a chocolate bar supply of butter gets cut off, this can drastically change the business of the chocolate bar and the business may think of changing its identity and making or producing something else. So what I previously learned is chain of production and entrepreneurship, this connects to economics and has relevance to the SOI because in chain of production, it is all about relationships, and because of these relationships, this can have unpredicted events which can turn into an economic shock. Also this relates to entrepreneurship because entrepreneur has to rely on other businesses to supply or rely on goods and this creates relationships which can lead to unpredicted events which can lead to economic shocks. Screen Shot 2015-11-22 at 9.42.32 pm

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