Video: Supply and Demand Cycles Overview and Objectives

In this lesson, Nick Palazzolo delves into the essential economic principles that govern how businesses operate and influence market dynamics. With a no-nonsense approach, he strips away the superfluous details, zeroing in on the 'bare bones' of economics that can make all the difference in understanding supply and demand cycles. Here, he explores the determinants of market prices and their volatility, the natural science of human behavior that underpins economic theory, and how this impacts everyday life—from shipping timelines to industry behaviors. Nick simplifies complex concepts such as business cycles including troughs and peaks as well as government policies that affect industry operations. This practical take demystifies the way economic forces interact, ensuring familiarity with the topic without overwhelming with the minutiae.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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We made it to econ and I've got to say I thoroughly enjoy economics. It's a shame how little of economics is on the exam despite what the AICPA says. It's my job to be transparent with you, tell you what you need to know as a former test taker myself and as a test provider review course provider, we want to ensure that you're ready for this but that you understand and you may only get ten questions on econ. That being said you could get 30 questions on econ. Generally speaking however it is not as heavily tested.

That doesn't mean you shouldn't know this. We're going to go through this and make sure that it's familiar to you. I really broke it down, got rid of anything that's not worth your time. This is the bare bones of what you need to know to be most efficient for you. Let's see what we've got in store.

All right, so in our first of our three econ lessons we've got supply and demand cycles. We want to determine the price and the impact of market influences on the overall economy, right? We've got demand, supply, market prices, volatility, all of those components play a role in our overall economy. Are you going to get your goods from Amazon on time? Well, it depends on supply and demand.

This does impact you, it impacts you in many ways in your own personal lives and econ is just the science of human psychology, right? Supply and demand, it's a naturally occurring science. It really is. I mean, as natural as you view humans as natural, right? So I guess we're pretty natural.

I am wearing a jacket made in a factory, but I like to think humans are pretty natural. So secondly, we want

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Business Cycles

Module: 5 Concepts, 74 Videos

Revenue, Expenditure, & Cash Cycles Overview

0:24

Revenue, Expenditure, & Cash Cycles Objectives

1:48

Introduction to Revenue, Expenditure, and Cash Cycles

3:42

Assertions in Auditing