Economics of Business
Student’s Name _________________________________________________________
School _______________________ Instructor _________________________________
Course Title: Economics of Business WVEIS Code 1435
Course Description: This course focuses on the impact of economics as it relates to
businesses and individuals. Because businesses are part of the overall economy, the
success of any individual business is strongly affected by events in the economy as a
whole. In addition, the economy as a whole is affected by the actions of the individual
members within it.
Level of Competence:
1 – No mastery
2 – Limited mastery; constant supervision needed
3 – Average or good mastery; some supervision needed
4 – Almost complete mastery; little supervision needed
5 – Complete mastery; no supervision needed
Level of
Content Standards and Objectives Competence Date Comments
1 2 3 4 5
Economic Principles
Identify opportunity costs and trade-offs
involved in making choices about how to use
scarce economic resources.
Give examples of economic wants and
needs.
Identify the resources (factors of production)
that are used to satisfy wants and needs.
Define economic goods and services.
Explain how the concept of scarcity affects
the availability of economic goods and
services
Productivity, Specialization and Division of Labor Change
Analyze the methods of increasing
productivity.
Demonstrate specialization and division of
labor.
Explain how the relationship of input to
output affects the level of productivity.
Basic Economic Systems Differences
Explain why a society needs an economic
system.
Discuss advantages and disadvantages of
different types of economic systems.
Discuss how an economic system addresses
the questions what is to be produced, how it
is to be produced, and for whom.
Level of
Competence
Content Standards and Objectives Date Comments
1 2 3 4 5
Role of Core U.S. Economic Institutions and Incentives
Describe the concept of profit in the free
enterprise system.
Provide examples of economic institutions
and incentives.
Analyze reasons why a society’s allocation of
resources will be affected by its laws, public
policy, and taxation.
Role of Exchange and Money
Demonstrate the concept of barter.
Explain why and illustrate how money can
contribute to an increased number of
exchanges, greater specialization and
interdependence, and a higher standard of
living in an economy.
Role of Supply and Demand as related to Markets and Prices in the U.S.
Define the concept of supply and demand.
Analyze prices as determined by supply and
demand.
Identify determinants of supply and demand
for goods and services.
Describe how relative prices affect buying
and selling decisions of producers and
consumers.
Graph the concept of price on a supply and
demand curve.
Types of Competitive Structures and Markets
Explain how competition among sellers
affects prices and profits.
Determine the role of government in
preventing private monopolies and regulating
public monopolies.
Research U.S. laws and government
regulations that are designed to maintain
competition.
Compare and contrast price and non-price
competition.
Personal Financial Resources and Consumer Decisions
Analyze the consumer decision making
process for products and explain why there is
variance in price for a given item bought from
different suppliers.
Use published consumer resources to collect
information for making buying decisions.
Identify sources and types of credit.
Calculate the cost of credit.
Develop a plan to allocate financial resources
to meet an individual’s financial goals.
Describe the advantages and disadvantages
of different saving and investing plans.
Level of
Competence
Content Standards and Objectives Date Comments
1 2 3 4 5
Identify services that financial institutions
provide to customers.
Perform the steps involved in opening and
using a checking account.
Reconcile a bank statement.
U.S. Economy Functions and Measures
Explain the Consumer Price Index.
Analyze the factors that affect Gross
Domestic Product.
Role of Government in an Economic System
Explain how government taxation affects
consumers and producers.
Define and give examples of progressive,
regressive, and proportional taxes.
Analyze the effect of national debt on the
level of economic activity.
U.S. Economy Citizens Rights and Responsibilities
Identify consumer rights.
Describe how legislation defines and protects
consumer rights.
Examine how society’s needs are balanced
against the individual’s rights and
responsibilities.
Explain how consumer legislation affects
product.
Distinguish between fraudulent, misleading,
and legitimate product claims.
Economic Relationships Among Nations
Explain the importance of imports and
exports in a global economy.
Identify examples of goods and services that
imported and exported.
Explain foreign exchange rates and why the
value of currency changes.
Explain the advantages and disadvantages
of free trade agreements between and
among nations.