UNIT REVIEW – Characteristics of Business
& Economics
Business Management
KEY TERMS
Entrepreneurship –
Globalization –
Entrepreneur –
Domestic Goods –
Industrial Business –
Foreign Goods –
Commercial Business –
Free-Trade Agreements –
Service Business –
Exports –
Industry –
Imports –
Sole Proprietorship –
Supply –
Partnership –
Demand –
Corporation –
Equilibrium –
Limited Liability Company –
Shortage –
Subchapter S Corporation –
Surplus –
Nonprofit Corporation –
Economic Indicators –
Quasi-Public Corporation –
Gross Domestic Product –
Joint Venture –
Inflation –
Cooperative –
Unemployment Rate –
Franchise –
Retail Sales Index –
Stock –
Business Cycle –
Stock Market (specific markets) –
Durable Goods –
Ticker Symbol –
Inelastic Demand –
Demographics –
Market Economy –
Target Market –
Command Economy –
Trends in Business –
UNIT REVIEW – Characteristics of Business
& Economics
Business Management
Mixed Economy –
IMPORTANT CONCEPTS
Characteristics of Entrepreneurs –
Buyers’ Market –
SWOT Analysis –
Sellers’ Market –
Goal of Business Ownership –
Leading Indicators –
Business Activities –
Lagging Indicators –
Advantages & Disadvantages of:
Sole Proprietorship –
Stages of the Business Cycle (and
characteristics / indicators of each)
Partnership –
Corporation –
Industries significantly impacted by
recessions…
Franchise –
Examples of Demographics –
Economic Questions –
Examples of Current Trends in Business –
Capitalism –
Effect of Globalization on American
Business –
Communism –
Law of Supply (and graph) –
Socialism –
Law of Demand –
UNIT REVIEW – Characteristics of Business
& Economics
Business Management
UNIT REVIEW – Characteristics of Business
& Economics
Business Management
ESSAY QUESTIONS
Essay questions will be based on one or more of the following course competencies.
You should be prepared to analyze, discuss, and/or explain these topics.
Task 034 – Compare the characteristics of different types of business ownership.
Comparison should examine similarities and differences in the characteristics of
different types of business ownership to include sole proprietorship, partnership,
corporation, franchises, limited partnerships, joint ventures, S-corporations, nonprofit
corporations, quasi-public corporations, and cooperatives and discussing the
advantages and disadvantages of each.
Task 035 – Explain the risks and rewards of entrepreneurship through a SWOT analysis.
Explanation should list some of the risks and rewards of entrepreneurship, which may
include sole responsibility for success, hands-on management, creative freedom,
potential for significant financial rewards, long hours, and personal financial risks.
Explanation may list the ways entrepreneurship affects the community (employment
rates, income to local economy) and might address the tasks entrepreneurs perform on
a regular basis (implementing business plan, financial role, managerial role).
Task 036 – Describe current and emerging trends in business.
Description should define current and emerging trends as those that are new practices,
behaviors, or styles accepted as desirable by consumers, evolving and changing
frequently, often determined by demographic research, and perpetuated when
companies see them as essential to successful business.
Task 037 – Describe the impact of demographic issues on business.
Description should include the influences demographic issues have on advertising,
geographic considerations, and products / services offered. Emphasis should be
placed on businesses’ concern with shifts in demographic statistics.
Task 039 – Describe the effect of a global marketplace on business.
Description should include the changes in American business operations brought on by
globalization, e-commerce, the decrease of production jobs, the proliferation of service
jobs, and governmental policy regarding trade agreements. Basic business concerns
such as production costs, product/service quality, product/service and sales volumes,
and profit margins should also be identified as variables in business competition.
Task 041 – Identify basic micro- and macro- economic concepts.
Identification should include the following concepts: supply and demand, leading
economic indicators, business cycle, and economic cycle.
Task 042 – Compare economic systems, free markets, and economic-political systems.
Comparison should cite the similarities and differences among the three major
economic systems (market, command, mixed) and the three major economic-political
UNIT REVIEW – Characteristics of Business
& Economics
Business Management
systems (capitalism, socialism, and communism) by identifying countries operating
under each of the systems.
POSSIBLE BONUS QUESTIONS
Bonus points may be awarded for questions on the following topics:
 Bulls or Bears Project
o Buy Price, Sell Price, High, Low, Close
 Top 10 Franchises in 2012
 Franchise Project
o Start-Up Costs, Royalty Fee, Franchisor, Franchisee, Franchise Agreement
 Tucker: The Man and his Dream
o Product, Business Activities, General Plot
 Franchise Field Trip
o Owner, Business Ventures & Locations
 Economics
o Graphing Supply & Demand Curves
TEST
Tuesday 10/30/12
BINDER CHECK
Thursday 11/1/12