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Introduction to Business
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Lumen Learning: Waymaker Introduction to Business Learning Outcomes is licensed under CC-BY 4.0
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Outcomes
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Module 1: Discuss the role of business in society, the primary functions within a business, and external forces that affect business activitiesRole of Business
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1.1Explain the concept of businessWhat Is Business?
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1.1.1Define the term businessDefining Business
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1.1.2Distinguish between profit, loss, and valueProfit, Loss, and Value
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1.1.3Distinguish between goods and servicesGoods and Services
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1.2Distinguish between for-profit and nonprofit businessesFor-Profit vs. Nonprofit
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1.2.1Explain the purpose of for-profit businessesFor-Profit Businesses
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1.2.2Explain the purpose of nonprofit businessesNonprofit Organizations
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1.2.3Distinguish between for-profit and nonprofit businessesFor-Profit vs. Nonprofit
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1.3List and explain the four factors of production required to sustain a businessFactors of Production
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1.3.1List the four factors of productionIdentify the Factors of Production
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1.3.2Explain the four factors of productionExplain the Factors of Production
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1.4Identify the primary functional areas within a business and describe their contribution to the organizationFunctional Areas
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1.4.1Identify the primary functional areas within a businessFunctional Areas of Business
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1.4.2Identify key people and explain the activities within each functional areaExpanding on the Functional Areas of Business
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1.5Identify business stakeholders and describe their relationship with business organizationsStakeholders
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1.5.1Define internal and external stakeholderBusiness Stakeholders
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1.5.2Describe stakeholders' relationship with business organizationsStakeholder Relationships
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1.6Identify the external forces that shape the business environmentExternal Forces
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1.6.1List the external forces that affect businessesIdentifying External Forces
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1.6.2Give examples of how various external forces affect the participants in a business and its functional areasEffects of External Forces
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Module 2: Explain fundamental economic principles and describe how they shape the business environmentEconomic Environment
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2.1Explain fundamental economic principles and describe how they shape the business environmentWhat is Economics?
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2.1.1Explain scarcityUnderstanding Economics and Scarcity
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2.1.2Explain opportunity costThe Concept of Opportunity Cost
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2.1.3Explain division of labor and specializationDivision of Labor and Specialization
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2.1.4Distinguish between macroeconomics and microeconomicsMicroeconomics and Macroeconomics
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2.2Understand economic systemsEconomic Systems
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2.2.1Distinguish between market, planned, and mixed economiesEconomic Systems
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2.3Explain the law of demandDemand
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2.3.1Explain the law of demandWhat is Demand?
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2.3.2Explain a demand curveDemand Curve
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2.3.3Explain the factors that can change demandFactors Affecting Demand
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2.4Explain the law of supplySupply
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2.4.1Explain the law of supplyWhat is Supply?
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2.4.2Explain a supply curveSupply Curve
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2.4.3Explain the factors that can change supplyFactors Affecting Supply
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2.5Explain market equilibrium, surplus, and shortageEquilibrium
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2.5.1Explain surpluses and shortagesSurpluses and Shortages
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2.5.2Explain equilibrium price and quantityEquilibrium, Price, and Quantity
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2.6Describe how economists evaluate the health of an economyHealth of the Economy
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2.6.1Explain the use of GDP as an economic indicatorUnderstanding GDP
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2.7Identify and explain the four stages of an economy (expansion, peak, contraction, and trough), and describe their impact on business operationsEconomic Stages
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2.7.1Explain the business cycleThe Business Cycle
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2.7.2Differentiate between expansion, recession, and depressionExpansion, Recession, Depression
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Module 3: Describe the characteristics, opportunities, and challenges of the global business environmentGlobal Environment
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3.1Explain why nations and U.S. firms engage in global businessGlobalization
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3.1.1Explain the concept of globalization and its impact on global businessGlobalization and Business
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3.1.2Differentiate between comparative and absolute advantageAbsolute and Comparative Advantage
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3.1.3Explain the roles of absolute and comparative advantage in global businessGlobal Markets
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3.2Describe how nations measure global tradeMeasuring Global Trade
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3.2.1Differentiate between balance of trade and balance of paymentsBalance of Trade and Balance of Payments
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3.2.2Differentiate between trade deficits and trade surplusesTrade Deficits and Surpluses
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3.2.3Explain how countertrade contributes to the measure of global tradeEffect of Countertrade on Global Trade
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3.3Evaluate common strategies used to reach global marketsGlobal Business Strategies
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3.3.1Explain how firms use importing and exporting to reach global marketsImporting and Exporting
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3.3.2Explain how firms use licensing and franchising to reach global marketsLicensing and Franchising in Global Markets
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3.3.3Explain how firms use foreign direct investments (FDI) to reach global marketsForeign Direct Investments
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3.3.4Explain how firms use joint ventures and foreign strategic alliances to reach global marketsJoint Ventures and Foreign Strategic Alliances
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3.4Identify and describe forces that affect global tradeGlobal Trade Forces
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3.4.1Describe the impact of sociocultural forces on global tradeSociocultural Forces
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3.4.2Describe the impact of political and economic forces on global tradePolitical and Economic Differences
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3.4.3Describe the impact of legal differences on global tradeLegal Differences on Global Trade
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3.4.4Describe the impact of physical and environmental forces on global tradePhysical and Environmental Differences of Global Trade
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3.4.5Describe the impact of tariff and nontariff restrictions on global tradeTariff and Nontariff Trade Restrictions
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3.5Describe global trade agreements and economic organizations that regulate and promote global tradeGlobal Trade Agreements and Organizations
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3.5.1Describe the role of the WTO in promoting global tradeThe World Trade Organization (WTO)
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3.5.2Describe the role of the World Bank in promoting global economic developmentThe World Bank
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3.5.3Describe the role of the IMF in promoting global tradeThe International Monetary Fund (IMF)
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3.5.4Describe the role of trade agreements in global businessTrade Agreements in Global Business
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3.6Describe ethical challenges that businesses face in a global environmentEthical Challenges in the Global Environment
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3.6.1Explain why forms of corruption such as bribery are so widespread and difficult to regulateCorruption
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3.6.2Summarize the key parts of the Foreign Corrupt Practices ActForeign Corrupt Practices Act
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3.6.3Define sweatshop, and explain how it relates to global businessSweatshops and Global Business
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Module 4: Explain the institutions and markets that comprise the financial system, and explain how they impact the economy and the money supplyFinancial Markets and System
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4.1Explain what money is and what makes it usefulMoney
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4.1.1Explain the three key functions of moneyKey Functions of Money
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4.1.2Discuss the advantages of using money versus barterAdvantages of Using Money
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4.1.3Discuss alternatives to traditional currency used todayAlternatives to Traditional Currency
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4.2Explain the role of banks in the U.S. monetary systemRole of Banks
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4.2.1Explain the difference between M1 and M2 money supply and how they are measuredMeasuring and Tracking the Money Supply
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4.2.2Explain how banks act as intermediaries between savers and borrowersBanks As Financial Intermediaries
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4.2.3Explain the structure and key functions of the Federal ReserveThe Federal Reserve Systems
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4.2.4Explain how the Federal Reserve System implements monetary policyHow a Central Bank Executes Monetary Policy
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4.3Describe common ways in which businesses obtain financial capital (money) to fund operationsFinancial Markets and Business
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4.3.1Distinguish between bonds and bank loans as methods of borrowingDifference Between Bonds and Bank Loans
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4.3.2Distinguish between private and public companiesDifference Between Public and Private Companies
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4.3.3Define "stock"Understanding Stocks
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4.3.4Discuss how firms choose between sources of financial capitalChoosing Sources of Financial Capital
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