Introduction to Business Essential Questions
Chapter 1: Basic Economic Concepts
- How are public wants different from private wants?
- How can you make the most of your resources?
- Think of your favorite retail store. What stores are their competitors?
Chapter 2: Economic Resources and Systems
- What is scarcity?
- How are renewable resources different from nonrenewable resources?
- How are capital resources different from capital?
- What is the role of the individual within the free enterprise system?
Chapter 3: Economic Activity in a Changing World
- What does the unemployment rate measure?
- What are the four stages of the business cycle?
- What happens to the economy during a depression?
Chapter 4: Business Ethics and Social Responsibility
- What are three kinds of ethics?
- Consider a conflict of interest you have encountered in you life. How did you resolve it?
- What ways can a business fulfill its social responsibilities?
- What is one of the biggest social issues facing businesses today?
Chapter 5: Entrepreneurship
- What are some reasons to become an entrepreneur?
- What are some types of home-based businesses?
- What are some questions to consider before starting a business?
Chapter 6: Business Ownership and Operations
- What are four disadvantages of owning a sole proprietorship?
- What are the five main functions of business?
Chapter 7: Business Management
- What are the four functions of management?
- Why is there more to leading than just giving orders?
- What is the advantage and disadvantage of line authority?
Chapter 8: Leadership in Management
- What does leadership involve in today’s world?
- What are the three components of motivation?
- What is the difference between initiative and integrity?
- How do the leadership styles of an autocratic leader and a democratic leader differ?
- What is the position of the leader in a self-managed team?
Chapter 9: Technology and Business
- How did life before the telephone compare to life after its invention?
- What is the difference between e-commerce and the e-workforce?
- What are two examples of e-commerce?
- What are some disadvantages to e-tail?
Chapter 10: Business in a Global Economy
- What are some meanings of the word trade?
- What is the difference between an import and an export?
- What is at the heart of most trade disputes?
Chapter 11: The Role of Government in Our Economy
- What is the difference between a copyright and a patent?
- Why are taxes necessary?
Chapter 12: Money and Financial Institutions
- What kinds of money does modern society use?
- What are the characteristics of money?
- What are some of the rules of starting a bank?
- What is a savings and loan association?
Chapter 20: Career Planning
- What is the difference between a job and a career?
- What are values?
- Why is it important to research careers?
Chapter 21: Getting a Job
- What are employability skills?
- What are the essential parts of a resume?
Chapter 25: The Basics of Credit
- On what three factors is the amount or interest based?
- What factors contribute to a good credit rating?
- What could negatively affect your credit rating?
- What type of collateral does the bank receive when you take out a mortgage loan?
Chapter 26: How to Get and Keep Credit
- What is the best way to gauge the cost of credit?
- What are the three Cs of credit?
- What is the difference between a secured loan and an unsecured loan?
- Is it possible to get credit if you have a bad credit rating?