Economics - Revision history

Maintenance script at 20:16, 3 March 2026

2026-03-03T20:16:59Z

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Maintenance script at 13:17, 23 February 2026

2026-02-23T13:17:24Z

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Maintenance script: Wiki review: cross-links, dedup sections, fix videos

2026-02-21T05:04:48Z

Wiki review: cross-links, dedup sections, fix videos

← Older revision		Revision as of 05:04, 21 February 2026
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	[[Category:Planning]]		[[Category:Planning]]

			== See Also ==
			* [[Strategic_Planning\|Strategic Planning]]
			* [[Business_Fundamentals\|Business Fundamentals]]
			* [[Pricing\|Pricing]]

Maintenance script: Fix videos: replace with verified YouTube links

2026-02-21T04:00:33Z

Fix videos: replace with verified YouTube links

← Older revision		Revision as of 04:00, 21 February 2026
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	{{video		{{video
	\|url=https://www.youtube.com/watch?v=~~XGAdhPSjjBY~~		\|url=https://www.youtube.com/watch?v=3ez10ADR_gM
	\|description=~~Related educational video~~		\|description=Intro to Economics: Crash Course Econ #1
	}}		}}

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	{{video		{{video
	\|url=https://www.youtube.com/watch?v=~~4gsBMRBDyJo~~		\|url=https://www.youtube.com/watch?v=bYn4CyL3r5w
	\|description=~~Related educational video~~		\|description=PESTEL Analysis EXPLAINED \| B2U \| Business To You
	}}		}}

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	{{video		{{video
	\|url=https://www.youtube.com/watch?v=~~9Igh2JOzEVA~~		\|url=https://www.youtube.com/watch?v=Lpp9bHtPAN0
	\|description=~~Related educational video~~		\|description=Supply Chain Management In 6 Minutes \| What Is Supply Chain Management? \| Simplilearn
	}}		}}

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	{{video		{{video
	\|url=https://www.youtube.com/watch?v=~~GFVjzSRO0S0~~		\|url=https://www.youtube.com/watch?v=3ez10ADR_gM
	\|description=~~Related educational video~~		\|description=Intro to Economics: Crash Course Econ #1
	}}		}}

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	{{video		{{video
	\|url=https://www.youtube.com/watch?v=~~0qlTAec8a-E~~		\|url=https://www.youtube.com/watch?v=3ez10ADR_gM
	\|description=~~Related educational video~~		\|description=Intro to Economics: Crash Course Econ #1
	}}		}}

Maintenance script: Fix video embeds: use {{video}} template

2026-02-21T03:25:41Z

Fix video embeds: use {{video}} template

← Older revision		Revision as of 03:25, 21 February 2026
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	# '''Adapt''' — Invest in risk mitigation and build organisational resilience based on lessons learned		# '''Adapt''' — Invest in risk mitigation and build organisational resilience based on lessons learned

	{{~~#ev~~:youtube\|~~XGAdhPSjjBY~~}}		{{video
			\|url=https://www.youtube.com/watch?v=XGAdhPSjjBY
			\|description=Related educational video
			}}

	== PESTLE Analysis Framework ==		== PESTLE Analysis Framework ==
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	\|}		\|}

	{{~~#ev~~:youtube\|~~4gsBMRBDyJo~~}}		{{video
			\|url=https://www.youtube.com/watch?v=4gsBMRBDyJo
			\|description=Related educational video
			}}

	=== Applying PESTLE in Your Gameplay ===		=== Applying PESTLE in Your Gameplay ===
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	{{Panel\|Crisis Preparedness Checklist\|'''Before a crisis:''' Maintain cash reserves as a buffer against revenue disruptions. Cross-train employees so they can shift roles. Invest in weather protection infrastructure. '''During a crisis:''' Conserve cash, communicate with employees, minimise perishable inventory waste. '''After a crisis:''' Analyse what worked, update your contingency plans, rebuild reserves.}}		{{Panel\|Crisis Preparedness Checklist\|'''Before a crisis:''' Maintain cash reserves as a buffer against revenue disruptions. Cross-train employees so they can shift roles. Invest in weather protection infrastructure. '''During a crisis:''' Conserve cash, communicate with employees, minimise perishable inventory waste. '''After a crisis:''' Analyse what worked, update your contingency plans, rebuild reserves.}}

	{{~~#ev~~:youtube\|~~9Igh2JOzEVA~~}}		{{video
			\|url=https://www.youtube.com/watch?v=9Igh2JOzEVA
			\|description=Related educational video
			}}

	== Scenario Planning and Risk Management ==		== Scenario Planning and Risk Management ==
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	{{Panel\|Diversification in Business Heroes\|'''Geographic Diversification:''' Operating locations across multiple districts reduces exposure to district-specific events. '''Temporal Diversification:''' Balancing performance across morning, afternoon, and evening day parts reduces dependence on any single period. '''Customer Diversification:''' Appealing to multiple market segments (Students, Managers, Tourists, Parents) reduces vulnerability to segment-specific changes.}}		{{Panel\|Diversification in Business Heroes\|'''Geographic Diversification:''' Operating locations across multiple districts reduces exposure to district-specific events. '''Temporal Diversification:''' Balancing performance across morning, afternoon, and evening day parts reduces dependence on any single period. '''Customer Diversification:''' Appealing to multiple market segments (Students, Managers, Tourists, Parents) reduces vulnerability to segment-specific changes.}}

	{{~~#ev~~:youtube\|~~GFVjzSRO0S0~~}}		{{video
			\|url=https://www.youtube.com/watch?v=GFVjzSRO0S0
			\|description=Related educational video
			}}


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	{{Panel\|The Business Environment in the Simulation\|The Business Heroes simulation models a dynamic business environment where political factors (permits, regulations), economic factors (GDP, purchasing probability), social factors (customer segments, preferences), technological factors (equipment upgrades), legal factors (compliance requirements), and environmental factors (weather, temperature) all interact to shape your operating conditions. No single factor operates in isolation — changes in one area ripple through others, just as they do in the real world.}}		{{Panel\|The Business Environment in the Simulation\|The Business Heroes simulation models a dynamic business environment where political factors (permits, regulations), economic factors (GDP, purchasing probability), social factors (customer segments, preferences), technological factors (equipment upgrades), legal factors (compliance requirements), and environmental factors (weather, temperature) all interact to shape your operating conditions. No single factor operates in isolation — changes in one area ripple through others, just as they do in the real world.}}

	{{~~#ev~~:youtube\|0qlTAec8a-E}}		{{video
			\|url=https://www.youtube.com/watch?v=0qlTAec8a-E
			\|description=Related educational video
			}}

	Imagine you're setting up a lemonade stand. The weather, the number of people passing by, and whether another stand is selling cookies next to you are all parts of your '''''business environment'''''. The business environment is everything around a business that affects its decisions and success. It includes things like how much things cost, what technology is available, and what rules you have to follow.		Imagine you're setting up a lemonade stand. The weather, the number of people passing by, and whether another stand is selling cookies next to you are all parts of your '''''business environment'''''. The business environment is everything around a business that affects its decisions and success. It includes things like how much things cost, what technology is available, and what rules you have to follow.

Maintenance script: Content overhaul: aligned with Faculty Manual Ch.9 - added Business Heroes simulation sections, PESTLE framework, weather/events/crisis management, risk management, YouTube videos, Panel boxes, and discussion questions

2026-02-21T00:54:06Z

Content overhaul: aligned with Faculty Manual Ch.9 - added Business Heroes simulation sections, PESTLE framework, weather/events/crisis management, risk management, YouTube videos, Panel boxes, and discussion questions

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Thor: /* The Business Environment */

2024-03-13T23:06:46Z

The Business Environment

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Thor: /* Consumer & Producer Surplus */

2024-03-13T13:05:11Z

Consumer & Producer Surplus

← Older revision		Revision as of 13:05, 13 March 2024
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	* '''Elastic Demand''': If consumers are very responsive to price changes (elastic demand), a small drop in price can greatly increase consumer surplus, as more people feel they're getting a great deal.		* '''Elastic Demand''': If consumers are very responsive to price changes (elastic demand), a small drop in price can greatly increase consumer surplus, as more people feel they're getting a great deal.
	* '''Elastic Supply''': On the flip side, if producers can easily adjust their supply (elastic supply), they might lower prices to sell more, potentially reducing producer surplus but increasing consumer surplus.		* '''Elastic Supply''': On the flip side, if producers can easily adjust their supply (elastic supply), they might lower prices to sell more, potentially reducing producer surplus but increasing consumer surplus.

			== The Business Environment ==
	[[Category:Planning]]		[[Category:Planning]]

Thor at 03:35, 13 March 2024

2024-03-13T03:35:10Z

← Older revision		Revision as of 03:35, 13 March 2024
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	~~[[Category:Planning]]~~

	== Introduction ==		== Introduction ==

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	* '''Elastic Demand''': If consumers are very responsive to price changes (elastic demand), a small drop in price can greatly increase consumer surplus, as more people feel they're getting a great deal.		* '''Elastic Demand''': If consumers are very responsive to price changes (elastic demand), a small drop in price can greatly increase consumer surplus, as more people feel they're getting a great deal.
	* '''Elastic Supply''': On the flip side, if producers can easily adjust their supply (elastic supply), they might lower prices to sell more, potentially reducing producer surplus but increasing consumer surplus.		* '''Elastic Supply''': On the flip side, if producers can easily adjust their supply (elastic supply), they might lower prices to sell more, potentially reducing producer surplus but increasing consumer surplus.
			[[Category:Planning]]

Thor: /* Understanding Markets */

2024-03-13T00:43:55Z

Understanding Markets

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