University of Phoenix Material

Week Four Podcast Script

Host: Thanks for joining us today. I’m Kate Hancock, and I’m here with Tom Jensen to discuss Week Four of the economics course. It’s great to see you again, Tom.

Guest: Thanks, Kate. It’s great to be back.

Host: Tom, as a student who recently completed the course, what do you feel are the most important concepts covered in Week Four?

Guest: This week, the course makes the transition from microeconomic to macroeconomic concepts. During Week Four, I began seeing how specific economic indicators reflect the overall business climate and the business cycle.

Host: That sounds interesting. I’m looking forward to learning more about macroeconomic principles. I noticed that this week has only two objectives, but they look important. I’d like to hear your thoughts about them. The first objective this week is “Determine the economy’s stage in the business cycle.” What does this really mean?

Guest: As you and I know, no economist or business can determine the economy’s future condition. But understanding the ups, downs, and effects of the business cycle is vital. With that knowledge, you can look at businesses and make decisions with more confidence. During the week, I gained insight of how understanding the business cycle can help me better plan and operate my business. Many businesses make different decisions when the economy is in a recession than when it is growing. Knowing that the economy goes through cycles adds some perspective, Good economic times do not last forever, but neither do bad times.

Host: That’s great! Sounds helpful. Let’s talk about the second objective. What are the most important aspects of the objective, “Evaluate the current macroeconomic condition based on key indicators”?

Guest: Managers must know which economic indicators to monitor to give them an ongoing economic environmental scan of their organizations. I learned in Week Four that there are many