Homework answers / question archive / STUDY GUIDE (CHAPTERS 1-4) Chapter 1 -What is profit? -Know all the factors of production -What is the study of economics? -Know the different economic systems? -Know all the economic indicators discussed in class (GDP, Unemployment Rate & Inflation) -What is the standard of living? -Budget deficit/national debt -Monetary vs fiscal policy -Know the different types of competition (Perfect, Monopolistic, Oligopoly & Monopoly) -Supply/Demand/Equilibrium -Free market competition Chapter 2 -What is ethics? -Know the 4 ethical norms -What is insider trading? -What is whistleblowing? -What is the Sarbane-Oxley Law of 2002? -What is social responsibility? -Know the 4 types of stances -Who are the 5 stakeholders? Chapter 3 -Define small business and its purpose -Ways to start a small business -Reasons for success and failure of small businesses -What is an entrepreneur & his/her characteristics? -What is the SBA/SBIC/SCORE? -What is the purpose of a formal business plan? -What is venture capital? -Know all the advantages/disadvantages of sole proprietorships, partnerships (both general & limited) & C-corporations -Differences between S-Corporation & LLC -What is a merger/acquisition? 1 Chapter 4 -Know the difference between the balance of trade and balance of payments? -Know the difference between absolute, comparative advantage & national competitive advantage -Foreign currency questions -Examples of exporting/importing -Know all the Protectionist measures -Dumping -Know ways to become involved in the global market (Agents, licensing, strategic alliance & FDI) -WTO 2  

STUDY GUIDE (CHAPTERS 1-4) Chapter 1 -What is profit? -Know all the factors of production -What is the study of economics? -Know the different economic systems? -Know all the economic indicators discussed in class (GDP, Unemployment Rate & Inflation) -What is the standard of living? -Budget deficit/national debt -Monetary vs fiscal policy -Know the different types of competition (Perfect, Monopolistic, Oligopoly & Monopoly) -Supply/Demand/Equilibrium -Free market competition Chapter 2 -What is ethics? -Know the 4 ethical norms -What is insider trading? -What is whistleblowing? -What is the Sarbane-Oxley Law of 2002? -What is social responsibility? -Know the 4 types of stances -Who are the 5 stakeholders? Chapter 3 -Define small business and its purpose -Ways to start a small business -Reasons for success and failure of small businesses -What is an entrepreneur & his/her characteristics? -What is the SBA/SBIC/SCORE? -What is the purpose of a formal business plan? -What is venture capital? -Know all the advantages/disadvantages of sole proprietorships, partnerships (both general & limited) & C-corporations -Differences between S-Corporation & LLC -What is a merger/acquisition? 1 Chapter 4 -Know the difference between the balance of trade and balance of payments? -Know the difference between absolute, comparative advantage & national competitive advantage -Foreign currency questions -Examples of exporting/importing -Know all the Protectionist measures -Dumping -Know ways to become involved in the global market (Agents, licensing, strategic alliance & FDI) -WTO 2  

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STUDY GUIDE (CHAPTERS 1-4) Chapter 1 -What is profit? -Know all the factors of production -What is the study of economics? -Know the different economic systems? -Know all the economic indicators discussed in class (GDP, Unemployment Rate & Inflation) -What is the standard of living? -Budget deficit/national debt -Monetary vs fiscal policy -Know the different types of competition (Perfect, Monopolistic, Oligopoly & Monopoly) -Supply/Demand/Equilibrium -Free market competition Chapter 2 -What is ethics? -Know the 4 ethical norms -What is insider trading? -What is whistleblowing? -What is the Sarbane-Oxley Law of 2002? -What is social responsibility? -Know the 4 types of stances -Who are the 5 stakeholders? Chapter 3 -Define small business and its purpose -Ways to start a small business -Reasons for success and failure of small businesses -What is an entrepreneur & his/her characteristics? -What is the SBA/SBIC/SCORE? -What is the purpose of a formal business plan? -What is venture capital? -Know all the advantages/disadvantages of sole proprietorships, partnerships (both general & limited) & C-corporations -Differences between S-Corporation & LLC -What is a merger/acquisition? 1 Chapter 4 -Know the difference between the balance of trade and balance of payments? -Know the difference between absolute, comparative advantage & national competitive advantage -Foreign currency questions -Examples of exporting/importing -Know all the Protectionist measures -Dumping -Know ways to become involved in the global market (Agents, licensing, strategic alliance & FDI) -WTO 2