The economy studies the process of production and consumption of goods and services and the ways they help fulfill the needs of society. The economy, in general, helps people get a clear idea of the way market relations are established and developed. Understanding the guiding principles and strategies the economy is based on enables people to understand how the different types of economies work and single out the factors that guide their development. If people understand the economy, they are able to fulfill their own needs alongside the needs of the society they live in. The economy is a broad science that is divided into several narrow spheres and specializations. The digital economy is one of them, and it is currently one of the most promising economic fields.
The digital economy concerns economic activities based on digital technologies. It is related to online businesses and online commerce in general, as well as to the goods and services they produce and sell. In addition, the digital economy studies digital currency and the benefits and disadvantages of its use. It is currently one of the most demanded specializations in the job market since the digital sphere is continuously expanding, and the COVID-19 pandemic only boosts its growth.
Studying the digital economy involves basic economic principles and computer science and mathematics. These disciplines enable the students to gain professional knowledge of electronic systems, which are a significant and crucial part of the digital economy. However, the first module of the course considers only economic factors that impact the activity of companies and the profitability of the businesses they lead. This module is important for further economists because it gives information about exact factors that implicitly or explicitly influence business activity.
Since the first module is related more to the economy than to electronic systems, it is possible to say that the objectives of its studying coincide with the goals of studying the economy in general. The learning objectives consider that all the commercial processes that happen in a particular company or the country, in general, are interconnected. Their connection and development determine the level of the country’s citizens’ well-being, as well as show the weak points the economists should pay close attention to (The economic factors that affect business activity, n.d.). For instance, demand and supply are crucial indicators of a particular country’s degree of economic development. These two factors influence each other and play an important part in the process of price formation. When the demand reacts to the supply, it stimulates the development of production technologies, which leads to the reduction of the production chain. This process may be considered good and bad for the economy at the same time since it not only leads to the progress and optimization of the business but also increases the unemployment rate.
It is only one example of the influence of economic indicators on business and the countries’ economies in general. However, it still proves that all the factors that address the economic activity are interconnected and influence each other. Hence, the major learning objectives include understanding what these factors are and how they are connected. The module will also help the students understand the processes that guide the economy and see which of them, both negatively and positively, influence it the most.