• Explain free market capitalism

• Describe and explain home-based entrepreneurial endeavors

• Explain how intermediaries perform the six marketing utilities

• Compare the business-to-business market and the consumer market

• Identify the new and traditional tools that make up the promotion mix

• Define and apply common economic indicators

• Define and discuss the ethical and social responsibilities of business

• Describe managements role in setting ethical standards

• Describe and apply a business code of ethics

• Describe and explain the role of U.S. businesses in influencing ethical behavior and social responsibility in global markets

• Describe and explain sales law under the Uniform Commercial Code

• Define the elements of a contract

• Summarize several laws that regulate competition and protect consumers in the US

• Describe and explain the role of deregulation in the economy

• Discuss the changing landscape of the global market and the issue of offshore outsourcing

• Explain why nations trade

• Describe and explain the forces that affect trading in global markets

• Explain the advantages and disadvantages of trade protectionism

• Describe the role entrepreneurs play in the creation of jobs

• Explain why people take the risks of entrepreneurship, list the attributes of successful

• Analyze what it takes to start and run a small business

• Show how marketers use environmental scanning to learn about the changing marketing environment

• Explain how marketers apply the tools of market segmentation, relationship marketing, and the study of consumer behavior

• Discuss the four Ps of marketing

• Define marketing and apply the marketing concept to both for-profit and nonprofit organizations

• Show how word of mouth, e-mail marketing, viral marketing, blogging, podcasting, and mobile marketing work

• Contrast the advantages and disadvantages of various advertising media, including the Internet and social media

• Understand channel systems, and explain the various ways to build cooperation in them

• Describe and explain the four functions of management

• Relate the planning process and decision making to the accomplishment of company goals

• Describe the current state of U.S. manufacturing and what manufacturers have done to become more competitive

• Describe and explain planning issues as they relate to a firms operations, including its employees

• Show how managers put motivation theories into action through such strategies as job enrichment, open communication, and job recognition

• Show how managers personalize motivation strategies to appeal to employees across the globe and across generations

• Describe the various production processes, and describe techniques that improve productivity

• Describe and explain how to use a PERT chart and a Gantt chart

• Explain how flexible manufacturing is used

• Describe and explain when to use lean manufacturing

• Explain how mass customization can be used

• What are ERP and MRP?

• How does vision apply to business?

• Explain and apply facility location and layout to business

• Describe the four eras in the evolution of marketing

• Describe and explain the role of marketing managers and the marketing mix

• Describe the marketing research process

• Describe logistics and outline how intermediaries manage the transportation and storage of goods

• Describe business-to-business marketing (B2B) and the business-to-consumer sales process

• Describe and explain how social media complements other promotions, including promotional strategies

• Describe and explain social media and Web 2.0

• Describe and explain privacy issues and stability issues as they apply to information networks

• Describe some of the common types of information used by business

• Describe and explain how information is managed

• Explain knowledge management and how it can be applied in a business setting

• Describe the types of computer software most frequently used in business

• Describe and explain business intelligence and how it is changing business

• Describe and explain virtualization and cloud computing

• Explain the different accounting disciplines

• List, describe, and apply business financial statements (income statement, balance sheet, statement of cash flows)

• Describe the roles and responsibilities of financial managers

• What are the finance concerns for small businesses

• List the types of financial budgets