OL-501-X4240 Business Foundations 1-2 Journal: Economic Environment

In a journal, reflect on the following:
Think about the company you currently work for or one you have worked for in the past. How do the economy, technology, global environment, market forces (supply, demand, competition, inflation, unemployment, government regulation, etc.), and competition affect the organization's ability to be successful?
Why is it important to consider all the above factors in the economic environment when thinking about a strategy change?

OL 501 Module One Journal Guidelines and Rubric This journal focuses on the importance of the economic environment when considering a strategy change. Review the factors that affect businesses (found in Section 1-7d in the textbook) and watch the following videos:  Introduction to Economics; Market Equilibrium and Market Forces (5:55)  Macroeconomics: Crash Course Economics #5 (13:42) In the journal, reflect on the following:  Think about the company you currently work for or one you have worked for in the past. How do the economy, technology, global environment, market forces (supply, demand, competition, inflation, unemployment, government regulation, etc.), and competition affect the organization’s ability to be successful?  Why is it important to consider all the above factors in the economic environment when thinking about a strategy change? Note: Journal activities in this course are only between you and the instructor. Rubric Guidelines for Submission: Submit assignment as a Word document with double spacing, 12-point Times New Roman font, and one-inch margins. This journal should be at least two paragraphs. All references must be cited in APA format. Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Successful Explains how the economy, technology, global environment, market forces (supply, demand, competition, inflation, unemployment, government regulation, etc.), and competition affect the organization’s ability to be successful Explains how the economy, technology, global environment, market forces (supply, demand, competition, inflation, unemployment, government regulation, etc.), and competition affect the organization’s ability to be successful, but explanation lacks detail or clarity Does not explain how the economy, technology, global environment, market forces (supply, demand, competition, inflation, unemployment, government regulation, etc.), and competition affect the organization’s ability to be successful 45 Economic Environment Explains why it is important to consider all the above factors in the economic environment when thinking about a strategy change Explains why it is important to consider all the above factors in the economic environment when thinking about a strategy change, but explanation lacks detail or clarity Does not explain why it is important to consider all the above factors in the economic environment when thinking about a strategy change 45 Articulation of Response Journal assignment is mostly free of errors of organization and grammar; errors are marginal and rarely interrupt the flow Journal assignment contains errors of organization and grammar, but they are limited enough so that the assignment can be understood Journal assignment contains errors of organization and grammar making the assignment difficult to understand 10 Total 100%