Curriculum Standards and Indicators ENTREPRENEURSHIP AND BUSINESS ECONOMICS Economic Concepts A. Understand the economic principles and concepts fundamental to entrepreneurship/small-business ownership 1. Discuss basic concepts of entrepreneurship/small business ownershipA101Distinguish between economic goods and servicesA102Explain the concept of economic resourcesA103Describe the nature of economics and economic activitiesA104Determine forms of economic utility created by business activitiesA105Explain the principles of supply and demandA106Describe the concept of priceA107Explain the types of economic systemsA108Determine the relationship between government and businessA109Explain the concept of private enterpriseA110Identify factors affecting a business’s profitA111Determine factors affecting business riskA112Explain the concept of competitionA113Identify the impact of small business/entrepreneurship on marketeconomies 2. Examine cost-profit relationships A201 Explain the concept of productivity A202 Analyze the impact of specialization/division of labor on productivity A203 Explain the concept of organized labor and business A204 Explain the law of diminishing returns 3. Discuss economic indicators/trendsA301Explain measures used to analyze economic conditionsA302Explain the nature of the Consumer Price IndexA303Explain the concept of Gross Domestic ProductA304Determine the impact of business cycles on business activities 4. Recognize international business concepts 66
Curriculum Standards and Indicators A401 Explain the nature of international trade A402 Describe small-business opportunities in international trade A403 Identify the impact of cultural and social environments on world trade A404 Evaluate influences on a nation's ability to trade Business Concepts B. Understand fundamental business concepts that affect business decision making 1. Discuss fundamental business conceptsB101Explain the role of business in societyB102Describe types of business activitiesB103Identify types of businessesB104Explain opportunities for creating added valueB105Identify issues and trends in businessB106Describe crucial elements of a quality culture/continuous quality improvementB107Describe the role of management in the achievement of quality
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