Unit 1: Introduction to Business

In this unit, we’re going to establish a foundational understanding of business that will carry us through the entire semester. We’ll examine different economic systems that exist in the world, how our economy differs from others, and what role businesses play in our economy.

Essentials Questions

  • What are the similarities and differences between competing economic systems?
  • How do the needs and wants of consumers influence what goods and services businesses produce?
  • How does competition motivate business?
  • How does profit motivate business?

Table of Contents

Terms

  • Business
  • Economic Systems
  • Traditional (subsistence) Economy
  • Command (planned) Economy
  • Market Economy
  • Mixed Economy
  • Needs and Wants/Goods and Services
  • Competitive Advantage/Unique Value Proposition
    • Comparative Advantage
    • Differential Advantage
  • Profit Motive
  • Millennials in the Workforce
  • Blake Mycoskie
  • The Double Bottom Line