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.