Lesson: Introduction to Economic and Business Measures

In this lesson, kick back as Nick Palazzolo, CPA, unpacks the vibrant world of economics, illustrating how various economic and business measures are deeply linked and impact one another. With his easy-to-follow explanations, Nick takes a deep dive into understanding both short-term and long-term economic cycles and their implications on the business environment. He colorfully compares the unpredictable nature of short-term market fluctuations to a dog's erratic movements on a walk—though chaotic at close range, they follow a general direction over time. Nick further explains how the economy tends to grow and how business cycles, with their expansions, peaks, contractions, and troughs, shape economic trends. He also touches on the differences between macroeconomics and microeconomics, setting the stage for their relevancy in the real world and on the exam.