1 GNBS 119 MIDTERM #1 STUDY GUIDE Fall 2018 PROLOGUE • Building Your Personal Brand • Preparing Your Résumé • What You Should Look For In An Interview Chapter 1: DEVELOPING A BUSINESS MINDSET LO 1: Explain the concept of adding value in a business and identify the major types of business LO 2: List three steps you can take to help you make the leap from consumer to business professional. LO 3: Discuss the five major environments in which every business operates. LO 4: Explain the purpose of the six major functional areas in a business enterprise. LO 5: Summarize seven of the most important business professions. LO 6: Identify seven components of professionalism. Chapter 2: UNDERSTANDING BASIC ECONOMICS LO 1: Define economics, and explain why scarcity is central to economic decision making. LO 2: Differentiate among the major types of economic systems. LO 3: Explain the interaction between demand and supply. LO 4: Identify four macroeconomic issues that are essential to understanding the behavior of the economy. LO 5: Outline the debate over deregulation, and identify four key roles that governments play in the economy. LO 6: Identify the major ways of measuring economic activity.