How does the economy work?

Content

Get ready to learn how the economy works!
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During this training session you will look at the national economy, gross social and gross national product, business activity and economic growth, money and monetary value, the budget and fiscal policy.
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This training session will help you to understand:
The term Gross Domestic Product to the country and what it is used for.
National Income and how it is distributed.
That the economy does not grow evenly and what the term economic cycle means and what possibilities the State has to influence the course of the economic cycle.
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Complete the following activities: 
Discuss with others national GDP growth and reasons for economic growth.
Learn what is investments and innovations.
Form a team to work together. Discuss in the team “How does productivity increase?”. Imagine that you are entrepreneurs asking the government for measures to increase productivity.
Learn what the Economic Cycle is and what are the reasons for it.
Discuss with others Business Cycle Policy and its instruments.
Learn about Economic Indicators (early, current and late).
Complete the test exercises from the Learners manual (page 36).
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This activity includes best practices of WKO (Austrian Federal Economic Chamber) provided for the project DARE - Day One Alliance for Employment that is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Youth Employment.
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Credits:
Cover image: photo by Adrien Olichon on Unsplash

Resources

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How does the economy work? Get this badge

Earners of this badge participated in the Employment Lab training session on how does the economy work as part of the DARE - Day One Alliance for Employability project. The aim of this training session was to understand definitions and processes in the economy.
 
This badge is the digitally verified micro-credential that you got to know the following:
Understand what is meant by value creation.
Know and be able to explain the difference between nominal and real magnitudes.
Name the typical phases of the economic cycle and their characteristics.
Explain the significance of investments and productivity increases for economic growth.
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The project is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Youth Employment.

Tasks

Task no.1

Issued by organiser or scanning QR code

Complete training session activities.

Skills

ESCO

#self-reflection

ESCO

#self-assess

ESCO

#work in groups

ESCO

#economics

Personal development

Added to playlist (1)

Time to complete: 1 hour 30 minutes

Organisers

STRATIS CONSULTING

Used in playlists

Entrepreneurship Lab Learning Pathway

STRATIS CONSULTING

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