Reference no: EM131158597

• Define importing and exporting.

• Explain free trade.

• Explain the difference between absolute advantage and comparative advantage.

• Explain business, goods, services, and revenue.

• Define and explain entrepreneurship.

• Explain economics and resource development.

• Summarize Adam Smiths theory.

• Define and explain the various forms of business organization to include partnerships, franchising, and corporations.

• Define and explain international and global marketing.

• Explain the major concepts related to a small business startup to include business plans, venture capitalists, the SBA, the SBIC, and SCORE

• Know the elements of a business plan.

• Explain acquisition, LBO, and LLP.

• Explain corporate policy and corporate responsibility.

• Describe corporate social initiatives.

• Define ethics.

• Define CSR.

• Describe insider trading.

• Explain various interested stakeholders.

• List and explain the steps to be considered when determining the ethics of an action.

• Explain the differences between compliance- and integrity-based ethics codes.

• Define balance of payments and balance of trade.

• Describe common market, countertrading, and devaluation.

• Identify and explain WTO, SWFs, NAFTA, and FDI.

• Describe an embargo.

• Describe and explain trade surplus, deficit, tariffs, a strategic alliance, and a multinational corporation.

• Explain the steps to establish a new business.

• Describe an intrapreneur.

• Explain microloans and the management team.

• Describe and explain GDP, communism, depression, recession, and capitalism.

• Explain some of the reasons for the success and failure of small businesses.

• Describe the forms of business ownership, know how they are used and the advantages and disadvantages of each one.

• Describe a franchise, and know its advantages and disadvantages.

• Define a business merger.

• Describe the purpose of a limited liability company.

• Describe what advantages a small business may have when entering a foreign countrys market.

• Describe what the difference is between privately and publicly owned businesses.

• Describe the reasons why some people become entrepreneurs.

• Explain the steps that should be taken in the buying of a franchise.

• Describe and explain SCORE.

• Describe the aspects of a limited liability company.