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Unit 1: Economics and Personal Finance
Chapter 1: Fundamentals of Economics
Explain opportunity cost. Discuss the concept of scarcity and factors of production. Compare different economic systems and their methods for allocation of goods and services. Explain how prices are determined through supply and demand. Distinguish between elastic and inelastic demand.
The Financial System: Explain financial markets and financial institutions. Identify incentives. Describe how different groups respond to incentives.
Chapter 2: Economics and the Global Economy
Name the three main functions and properties of money. Discuss the roles government plays in the United States economy. Explain the federal budget. Cite examples of government agencies established to protect investors, workers, consumers, and the environment. Describe the structure, purpose, and function of the Federal Reserve System.
Cite the three basic goals of an economy. Describe economic indicators and their significance. Discuss the segments of the business cycle. Examine the reasons nations trade with one another. Compare free trade and protectionism.
Unit 2: Business Ownership and Planning
Chapter 3: Types of Business Ownership
Describe the effects of competition on businesses and consumers. Explain how competition impacts the consumer. Identify the advantages and disadvantages of sole proprietorship. Explain the differences between general and limited partners. Identify the advantages and disadvantages of partnership. Identify the advantages and disadvantages of a cooperative.
Describe two types of corporations. Summarize the process of forming a corporation. Discuss the advantages and disadvantages of a corporation. Discuss the advantages and costs of a franchise.
Chapter 4: Developing a Business Plan
Discuss the importance of financial management for a business. Explain the components of a business plan. Describe the aspects of a financial plan. Explain the importance of accounting in financial management. Describe how investments in your business can improve productivity. Identify the primary functions of accounting.
Chapter 5: Developing a Financial Plan
Explain start-up capital. Identify start-up costs. Describe operating capital. Explain projected income statements. Discuss the role of reserve capital.
Identify the elements of a financial plan.
Unit 3: Business Finance Basics
Ch 6: Sources of Funding
Explain the role of entrepreneurs. Differentiate among start-up costs, operating costs, and reserve funds. Identify sources of personal and private financing. Discuss the options available through bank funding. List the factors banks consider when approving commercial loans.
Describe the services and benefits of the Small Business Administration. Identify alternative sources of funding for business. Explain why small businesses are important to the American economy.
Business and Personal Finance ©2012
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