Explain the types of economic systems.
- Traditional: bartering and trading resources, goods, and services
- Command Economy: government controls the economy by how to use and distribute goods and services
- Market Economy: each person makes their economic decisions; government does not control who buys what; based on the laws of supply and demand
- Mixed Economic System: Market based economy where the government controls some aspects of what is sold, and who can buy
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Business Administration
- Explain career opportunities in entrepreneurship.
- Explain the rights of workers.
- Explain the employee's role in expense control.
- Explain the nature of overhead costs.
- Describe health and safety regulations in business.
- Describe the marketing functions. 7 Functions of Marketing.
- Explain marketing and its importance in a global economy.
- Explain the role of ethics in human resource management.
- Discuss the nature of human resource management.
- Describe the nature of income statements.
- Explain the nature of balance sheets.
- Describe the nature of cash flow statements.
- Discuss the role of ethics in accounting.
- Explain the concept of accounting.
- Describe concept of insurance.
- Explain types of investments.
- Explain the purposes and importance of credit.
- Explain the concept of leadership.
- Identify desirable personality traits that are important to business.
- Explain the nature of global trade.
- Describe the economic impact of inflation on business.
- Explain the concept of Gross Domestic Product (GDP).
- Discuss the measure of consumer spending as an economic indicator.
- Explain the impact of the law of diminishing returns.
- Analyze the impact of job specialization/division of labor on productivity.