1: Given a description of a typical business, demonstrate how that business acts within our economic system to achieve its goals as well as those of society, along with an understanding of how the future may impact these goals.
* Know how government regulation affects the economy.
* Show the relationship of supply and demand as illustrated on supply and demand curves. * Define elements of productivity and how it can be increased. * Define “quality of life”.
* Know the similarities and differences between for profit and not-for-profit organizations. * Know the role of the US Federal Reserve and what tools they use to implement their policies. * Know what a free market economy is and its relationship to the distribution of wealth. * Define a socialist economic system.
* Know how profit is determined for a business.
* Know who the stakeholders are of a business.
* Know what constitutes US fiscal policy and how is it used to manage the economy. * Define gross domestic product (GDP).
* Know and explain the “rights of capitalism”.
2: Given the importance of ethics in business, be able to understand and address ethical dilemmas that may occur in workplace activities and offer suggestions to prevent their recurrence.
* Be able to define ethics.
* Know how compliance is related to ethics.
* What some ethical concerns are as described in the text? * List and explain the steps to be considered when determining the ethics of an action. * Know the relationship of ethics and leadership.
3: Given the need to increase profits through cost reductions, describe the use of globalization strategies to accomplish this initiative, along with a discussion of the pros and cons of this approach.
* Define and apply tariffs, import quotas and subsidies as applied to foreign trade. * Know what trade protectionism is.
* Define a favorable and unfavorable balance of trade....