- 1.1 Explain the concept of business.
- 1.2 Explain key features of business, including the factors of production and functional areas.
- 1.3 Describe internal and external forces that influence business.
- 1.4 Explain the concept of economics and economic systems.
- 1.5 Explain the laws of supply and demand.
- 1.6 Explain how to evaluate the health of an economy.
Introduction to Business
In this course, you will examine the role of business in the United States and in the world. You will begin with an overview of business, the global marketplace, and financial markets and systems. From there you will examine the legal environment of business, as well as business ethics. Next, you will review types of business ownership and entrepreneurship. In this course, you will also take a closer look at the business functions of management, human resource management, and accounting and finance. You will also look at ways businesses work to motivate employees, promote effective teamwork and communication, and manage various business processes.
Learning Objectives/
- 2.1 Explain how and why U.S. firms engage in the global economy.
- 2.2 Explain how to measure global trade.
- 2.3 Describe the forces that affect global trade.
- 2.4 Describe ethical issues businesses face when engaging in the global business environment.
- 3.1 Explain the concept of money and how it is used.
- 3.2 Explain the role of banks and the Federal Reserve System.
- 3.3 Explain how businesses acquire financial capital to fund operations.
- 4.1 Explain the meaning and purpose of law.
- 4.2 Differentiate between statutory and common law.
- 4.3 Describe tort law and its key features.
- 4.4 Describe contract law and its key features.
- 4.5 Describe intellectual property law and its key features.
- 4.6 Describe consumer protection law and its key features.
- 5.1 Explain business ethics and how organizations establish ethical practices.
- 5.2 Describe common ethical challenges in the business environment.
- 5.3 Explain corporate social responsibility (CSR).
- 6.1 Describe the factors to consider when choosing an organizational type for a business.
- 6.2 Explain the pros and cons of sole proprietorships and partnerships.
- 6.3 Explain the pros and cons of corporations, limited liability companies (LLCs), and limited liability partnerships (LLPs).
- 6.4 Explain the pros and cons of franchises.
- 6.5 Explain mergers and acquisitions.
- 7.1 Describe the impact of small business on the U.S. economy.
- 7.2 Describe the traits of successful entrepreneurs.
- 7.3 Describe the factors and steps to consider when starting a small business.
- 7.4 Describe the key components of a business plan.
- 8.1 Describe levels of management and the skills needed to perform at each level.
- 8.2 Describe various management theories.
- 8.3 Explain the management processes of planning and organizing.
- 8.4 Explain the management processes of leading and controlling.
- 9.1 Describe some historical and contemporary theories of management, including the Hawthorne effect, and their impact on management.
- 9.2 Describe various need-based theories and their impact on management.
- 9.3 Describe various process-based theories and their impact on management.
- 9.4 Describe various managerial style theories and their impact on management.
- 9.5 Describe various strategies used by managers to motivate employees.
- 10.1 Explain the concept of a team.
- 10.2 Explain the process for developing a team.
- 10.3 Describe the processes, strategies, and tools used to engage in effective communication.
- 10.4 Describe various issues related to electronic communication in business.
- 11.1 Explain operations management.
- 11.2 Describe production processes and production planning.
- 11.3 Explain supply chain management and logistics.
- 11.4 Describe quality assurance processes and their impact on an organization.
- 12.1 Explain the concept of marketing and key features of the marketing function.
- 12.2 Explain the marketing mix.
- 12.3 Describe key features of product development.
- 12.4 Explain how businesses determine pricing of a product.
- 12.5 Explain the importance of place in the marketing mix.
- 12.6 Describe various factors, strategies, and methods of promoting a product.
- 13.1 Explain human resource management.
- 13.2 Describe various laws and regulations related to HR management.
- 13.3 Describe the recruitment and selection processes.
- 13.4 Explain how HR engages in employee training and development.
- 13.5 Explain how HR management determines employee compensation and evaluation.
- 13.6 Describe various challenges facing HR management.
- 14.1 Explain accounting in an organization.
- 14.2 Describe the purpose and features of various financial statements.
- 14.3 Explain how organizations conduct financial analysis.
- 14.4 Describe ethical issues related to accounting.
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