Basic economics for family business

By Mar.25, 2014

Christian Spence Head of Business Intelligence at Greater Manchester Chamber of Commerce

Christian Spence, Head of Business Intelligence at Greater Manchester Chamber of Commerce

In the midst of economic hardship, this free massive open online course (MOOC) equips your family business with knowledge of basic economic principles.  These principles underline all economic theory and explain some of the key macroeconomic indicators.

In this MOOC we introduce basic economics for family business:

  • Supply and demand
  • Inflation
  • Inflation and the exchange rate

We also hear from experts in the field of family business including Udeni Salmon, a PhD Researcher in Family Business and Entrepreneurship at Salford Business School; Christian Spence Head of Business Intelligence at Greater Manchester Chamber of Commerce and Professor Ghulam Sorwar, Professor of Finance, also at Salford Business School.

Lesson 1: Supply and Demand

The first thing to understand about economics is that about allocating scarce resources with infinite demands. This is the most basic problem of economics and it is solved by the laws of supply and demand. In Lesson 1 you will be introduced to the supply curve and the demand curve and prepare yourselves to revisiting them regularly throughout the rest of this course. These two curves tell you everything that you need to know about the factors that affect supply and demand and how prices are determined at the market equilibrium.

Lesson 1: Supply and demand

Lesson 2: Introduction to Inflation

Now that you are understand supply and demand, it is time to get a little bit more complicated. We regularly hear about inflation in the news but do you really know the effect that it has to you, your business or your employees? Lesson 2 breaks down how economic factors affect the consumer price index (CPI), the rate of inflation and what this means to employees and consumers.

Lesson 2: Introduction to inflation

Lesson 3: Inflation and the Exchange Rate

If inflation now makes more sense, Lesson 3 now looks at how inflation impacts on the economy both nationally and globally by dissecting the exchange rate. Not only does this explain how changes in inflation affect the exchange rate, but we also explore what effect that this has on family businesses who import and exports goods and services. You can also build upon your knowledge of supply and demand to see what changes in the exchange rate do to consumption and market equilibrium.

Lesson 3: Inflation and the Exchange Rate

Lesson 4: Review Quiz

Now put your knowledge to the test and see how much you have learned from this MOOC.

Lesson 4: Review Quiz

Bonus: Expert Discussion

Now watch three experts at work. Udeni Salmon, PhD Researcher in Family Business and Entrepreneurship at Salford Business School, Christian Spence Head of Business Intelligence at Greater Manchester Chamber of Commerce and Professor Ghulam Sorwar, Professor of Finance at Salford Business School discuss family business issues raised by this MOOC and macroeconomic factors of importance in the wider economy.

Basic Economics for a Family Business MOOC

This MOOC has been made possible with thanks to:
Udeni Salmon, PhD Researcher in Family Business and Entrepreneurship
Christian Spence, Head of Business Intelligence, Greater Manchester Chamber of Commerce
Professor Ghulam Sorwar, Professor of Finance, Salford Business School
Xavier Ashurst, Recruiter, Morson International
Roger Giles BSc (Hons) Professional Sound and Video Technology, The University of Salford

Created by Salford Business School students:
Wedad Mitoubsi BSc (Hons) Business with Economics, The University of Salford
Daniel Lummis BSc (Hons) Business with Economics, The University of Salford
Abdullah Khojha BSc (Hons) Business Information Technology, The University of Salford

Have you found useful insights in this MOOC for your understanding of family business and the basic principles of supply and demand, inflation and inflation and the exchange rate? Please share your views in the comments section below we would love to hear from you.

4 Comments

4 thoughts on “Basic economics for family business

  1. Udeni Salmon says:

    Fantastic post which nicely summarises the importance of macroeconomics for small family businesses. Good job, team!

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