LO 1-1

Define basic concepts such as business, product, and profit.

LO 1-2

Identify the main participants and activities of business and explain why studying business is important.

LO 1-3

Define economics and compare the four types of economic systems.

LO 1-4

Describe the role of supply, demand, and competition in a free-enterprise system.

LO 1-5

Specify why and how the health of the economy is measured.

LO 1-6

Trace the evolution of the American economy and discuss the role of the entrepreneur in the economy.