Kings Regional Occupational Program Course Information

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1 Kings County Board of Education Approval June 1, 2011 California Department of Education Certification January 2009 Kings Regional Occupational Program Course Information Course Title: Economics of Business Course #: 04EB CDE #: 1132 (Virtual Enterprise II) CBEDS Title: Business Management CBEDS No.: 4637 Industry Cluster: Marketing, Sales & Services Pathway: Entrepreneurship Jobs Titles: Accounting Clerk Office Clerk Secretary Sales Agent Career Cluster: Business, Management and Administration Purchasing Clerk Office Manager Manager, Sales General and Operations Manager, Owner Course Description: This course introduces students to the study of Economics within the context of entrepreneurship and business administration. Students will learn the fundamental concepts of economics as they relate to scarcity, supply and demand, choices and effective decision-making, and economic systems. They will learn the relationship between microeconomics and macroeconomics and small business, the implementation of business and marketing plans, risk management and human resources management. Students apply this knowledge in a two-hour simulated business that is set up and run by students to prepare them for working in a real business environment. The students determine the nature of their business, its products and services, its management and structure, and learn the daily operations of a business under the guidance of a consultant with the support of a real business partner. Total Hours: 306 hours Classroom and 90 hours of optional Community Classroom / CVE Course is set-up in two parts (76 hrs) Economics of Business core component (for a-g elective credit) (230 hrs) Virtual Enterprise lab component Textbook/Materials: Board approved economics textbook from individual high schools Business in a Global Economy, Dlabay and Scott, South-Western Educational Publishing, Entrepreneurship, Moorman and Halloran, South-Western Publishing Co., Glencoe Accounting, Guerrieri et. Al., Glencoe Div. of Macmillan/McGraw Hill School Publishing Co Marketing Essentials, Farese, Kimbrell, Woloszyk, Glencoe Division of McGraw-Hill Companies, Raving Fans, Kenneth Blanchard and Sheldon Bowles, William Morrow & Company, Inc., New York, Software: Microsoft Office Professional, Peachtree Accounting, Microsoft Outlook, Front Page Recommended Prerequisites: Must be 12 grade or permission of teacher Certification: Maintain a minimum C grade point average for length of course Demonstrate punctuality, acceptable attendance and responsibly complete assignments Academic credit: Lemoore High School 20 units / 5 units of a-g elective credit / HS Economics credit Hanford High School 20 units / 5 units of a-g elective credit Corcoran High School 20 units / 5 units of a-g elective credit Articulation: Last Update: none December 2008 (minor changes) 1144 W. Lacey Blvd., Hanford, CA ~ Tel: ~ FAX:

2 Academic Standards Writing 9/ Writing 11/ Reading 9/ Reading 9/ Speaking 9/ NumberSense Econ Econ Econ Econ Econ Econ CTE Standards MSS F MSS F MSS F5.0 MSS F6.2-3 MSS F7.0 MSS F8.1+4 MSS F MSS F ELRs - All Industry Standards - Instructional Methodologies Kings Regional Occupational Program Economics of Business Course Page 2

3 Economics of Business Virtual Enterprise II Course Outline I. Introduction to Economics 24 hours Econ 12.1 A. Basic Concepts 1. Recognize and define key economic terms. 2. Demonstrate the way choices are reflected in economic thinking and explain the relationship of economics theory to economic decision-making. 3. Distinguish between macroeconomics and microeconomics 4. Explain the relationship between scarcity and the need for choices. Econ Explain how prices reflect scarcity of goods and services and perform the allocation function in a market economy. Econ Explain the relationship of trade-offs to opportunity costs. Relate opportunity costs to one s personal circumstances, in a business setting, and in society as a whole. Econ B. Supply and Demand 1. Demonstrate an understanding of the law of demand, demand curves, and how it affects production. Econ Demonstrate an understanding of the law of supply, supply curves, and how businesses determine how much to produce. Econ Explain the role of price in a market system and how supply and demand interact to set prices. 4. Demonstrate an understanding of income distribution. C. Economic Systems Econ Explain why societies develop economic systems, identify the basic features of different systems, and discuss the major features of the United States economy. 2. Describe the implications of each of the economic systems on business ownership. 3. Explain why ownership of resources is a way to understand the extent of government intervention in an economy. II. Introduction to Business Ownership 24 hours A. Define entrepreneurship and list the personality traits required to be a successful business owner. B. Distinguish between proprietorship, partnership, corporation, franchise, and a cooperative. C. Compare starting a new business versus buying an existing business. D. Define and clarify the relationship between microeconomics and small business. develop and consider the feasibility of a variety of business scenarios. III. Measuring Economic Performance 10 hours A. Illustrate basic concepts of supply, demand, market price by creating charts and graphs. B. Explain inflation and its effect on the Consumer Price Index. C. Define Gross National Product and give examples of goods and services used. D. Demonstrate an understanding of measures of unemployment and the relationship between economic stability and full employment. Econ develop appropriate economic performance charts relating to their product. IV. Creating the Business Plan 20 hours A. Define a business plan and list the reasons for having a business plan. MSS F3.6 MSS F10.1/Writing 9/ B. Explain the importance of business location. C. Explain the steps in the decision-making process and utilize a decision-making model for a small business problem. Kings Regional Occupational Program Economics of Business Course Page 3

4 D. Describe the role of profit as the incentive to entrepreneurs in a market economy. Econ E. Discuss the economic principles that guide the location of agriculture, production and industry and the distribution of transportation and retail facilities. Econ create a business plan which contains all required parts and is fiscally sound. MSS F10.2 present business plan to a financial institution Speaking 9/ recruit local business partner/s. create a company logo and develop company forms. establish an Administration Department that will be responsible for workflow, office layout, correspondence, establishing departmental budgets, the company directory creating a web site. V. Essentials of Marketing 60 hours A. Identify the functions of marketing: product development, distribution, transportation, storage, financing, pricing, communication, selling and exchange, and information evaluation. B. Explain the five P s of marketing and relate the questions to established businesses: Product, Patron, Price, Place and Promotion. C. Relate the five P s to the four questions economists ask: What to produce? How to produce? and For Whom to produce? D. Define target marketing. E. Explain the six parts of a marketing plan: description, objective, competition, environment, marketing mix, and budget. MSS F10.3 F. Explain the market system in the United States and discuss the connection between marketing and the market economy. analyze the structure of various marketing materials. Reading 9/ develop company advertisements using word processing and desktop publishing software. MSS F10.4 create a company catalog of merchandise MSS F write a company newsletter. create company presentations using presentation software, digital photos, audio, Writing 11/ scanning, and animation. Speaking 9/ create a company web site using web authoring software. MSS F4.4 coordinate a Grand Opening for the company. establish a Sales/Purchasing Department which is responsible for international trade research, MSS F10.5 consumer needs, competition, procedures for acquiring clients, and determining prices. NumSense VI. Finance, Money and Financial Institutions 50 hours A. Money 1. Understand the circular flow of money to the economy. 2. Demonstrate an understanding of monetary policy. Econ B. Financial Institutions 1. Demonstrate an understanding of financial institutions and the role of the Federal Reserve System in stabilizing the value of the dollar within the nation s economy. Econ Distinguish between short-term and long-term interest rates and explain their significance. Econ Demonstrate an understanding of credit, its use in the American economic system, and how credit plays a role in the lives of most Americans. 4. Demonstrate an understanding of consumer rights and responsibilities in the credit transaction. C. Finance and Investments 1. List reasons for saving, identify ways to save and identify possible investment vehicles. 2. Explain the importance of financing to a business. Kings Regional Occupational Program Economics of Business Course Page 4

5 3. Explain the role of stock, the stock market, and its affect on the economy. 4. Demonstrate an understanding of property rights as it pertains to ownership of labor, contracts, and property. present their business plan to the business loan officer of a local bank. Speaking 9/ start and maintain a branch bank. create financial statements using spreadsheet and word processing software. NumSense use accounting software to manage the income, expenses and payroll. establish an Accounting Department that will be responsible for maintaining the branch bank, process payroll, and maintain accounting records. Algebra 13.0 Student will administer personal budget and checking account. participate in consumer purchasing related to the virtual economic system. VII. Managing Human Resources 30 hours CPS 2 A. Explain the importance of managing employees efficiently; the consequences of poor management and the results of good management techniques. B. List the steps in hiring employees. C. Discuss the effects of wage differences, technology, types of skills workers need, and international competition on the labor market. Econ D. Define business ethics and explain the importance of ethical standards and social responsibility in the workplace. E. Discuss laws that apply to equal opportunity employment, ADA, sexual harassment, and minors. MSS 8.1 F. Discuss wage differences among jobs and professions in context of supply and demand. Econ G. Identify ways to evaluate performance and to help employees improve performance. H. Discuss the dynamics of conflict resolution and explain the role of mediation in settling disputes. MSS F9.4 I. Understand the operations of the labor market, the establishment of labor unions and the role of collective MSS F9.3 bargaining in the United States. Econ establish a hierarchy of positions within the business and write job descriptions. interview and hire new employees. Speaking 9/ design and write an employee manual. Writing 9/ create a company flow chart. VIII. Risk Management 10 hours CPS 5 A. Describe how crime affects the financial stability of a business and ways to combat crime. B. Explain how difference types of insurance protect a business. C. Discuss the principles of collection in managing bad debt losses. D. Understand the risk involved in personal injury and how good safety practices can deter it. MSS F6.2-3 E. Understand product liability claims. Student working as a team will analyze the risk involved in the new business. develop a risk management plan for the business. IX. Governmental Policies and Regulations 10 hours Econ 12.3 A. Describe the goals of governmental fiscal policies and their influence on production, Econ employment, and price levels. B. Explain the importance of government rules for businesses and relate specific regulations to individual businesses. Kings Regional Occupational Program Economics of Business Course Page 5

6 C. Explain the role the United States plays in the market economy through the provision Econ of public goods and services. D. Explain the role government plays in regulating the economy and establishing law and order. MSS F8.4 E. Demonstrate an understanding of tax policy in the market economy. F. Demonstrate an understanding of recordkeeping and accounting. G. Demonstrate an understanding of wages, wage rates, and minimum wage laws. H. Compute employee wages, deductions, and payroll taxes and explain the procedures for documentation and reporting. Research all laws and regulations pertaining to the business: local, state and federal. Create and maintain a database for accurate records. Maintain a payroll system. X. Global Economics and International Trade 8 hours Econ 12.6 A. Demonstrate an understanding of the geographical/political/economic spheres. B. Identify the gains in consumption and production efficiency from global trade. Econ C. Explain foreign exchange, how exchange rates are determined, and the effects of the dollar s gaining or losing value relative to other currencies. Econ D. Demonstrate an understanding of the United States and its relations with Third World nations. Econ Student will understand international etiquette standards. calculate time differences around the world. calculate exchange rates for various countries. XI. Technology and its Affect on Economics 50 hours CPS 7 A. List the technologies that are presently fueling economic growth in the United States. MSS F4.2 B. Compare how computer technology has changed the business environment. MSS F4.3 C. Demonstrate ethics while working with on-line communications. Students will demonstrate the use of and threading of messages. learn to use a personal information manager to increase productivity. use the internet for informational searches, , and business transactions. demonstrate proficiency in the use of computer software, hardware, and terminology. ESLR 5 XII. Career Preparation 10 hours CPS 1 & 6 Career Preparation Standards are threaded through out the course A. Understand how personal skill development and responsibility affects employability. MSS F7.0 B. Discuss the principles of effective interpersonal skills and group dynamics. MSS F9.1 C. Demonstrate the importance of good academic skills, critical thinking and problem solving skills. MSS F5.0 in the workplace by developing project proposals, time lines, and final products. D. Demonstrate the principles of good communication: written, orally, and non-verbal. ESLR 1/CPS 4 E. Understand career paths, educational requirements and strategies for obtaining employment. MSS F3.3+2 F. Understand and adapt to changing technology. MSS F3.5 Student will produce a professional portfolio and/or a webfolio as a useful product for obtaining employment. MSS F3.6 Kings Regional Occupational Program Economics of Business Course Page 6

7 create an acceptable resume and application. Writing 11/ generate business letters including a cover letter. Writing 9/ demonstrate professional ethics, phone etiquette, teamwork, and appropriate workplace attire. MSS F3.1 demonstrate understanding of business-like attitudes: punctuality, timeliness of assignments, using time productively, and compensating for absences. ESLR 3&4 XIII. Community Classroom 90 hours optional Students will apply skills in a professional setting, working under the direction of a business supervisor. Students will demonstrate good employment skills, develop a better understanding of how the skills learned in the classroom are applied in an actual work setting. Thinking and Problem Solving Skills found in Applied Performance Standards throughout CPS 3 Kings Regional Occupational Program Economics of Business Course Page 7

8 STANDARDS REFERENCE GUIDE Academic Standards Writing 9/ Writing 9/ Writing 9/ Writing 11/ Writing 11/ Reading 9/ Reading 9/ Reading 11/ Speaking 9/ Speaking 9/ Speaking 9/ Speaking 9/ NumberSense Algebra 13.0 Economics 12.1 Economics Economics Economics Economics 12.2 Economics Economics Economics 12.3 Economics Economics Economics Economics 12.4 Economics Economics Economics Economics Economics Economics 12.6 Economics Economics Write persuasive composition Business letters Technical documents Job applications and resumes Multimedia presentations Workplace documents Follow technical directions Verify facts by using a variety of documents Use props, visual aids, or graphs in presentation Interviewing techniques Deliver persuasive arguments including evaluation and analysis of problems and solutions Descriptive presentation Markups, discounts, commissions, profit, interest Add, subtract, multiply and divide while solving conceptually challenging problems Common economic terms Scarcity and need for choices Opportunity cost, marginal benefit, marginal cost Role of private property America s market economy Profit as an incentive to entrepreneurs Principles that guide location and distribution Influence of federal government Role of the government Aims of governmental fiscal policy Aims of governmental monetary policy Elements of the labor market Unions Goods, services, workers needed Wage differences among jobs and professions Unemployment rate Interest rates International trade International political borders Foreign exchange Kings Regional Occupational Program Economics of Business Course Page 8

9 CTE Standards from Marketing Sales and Services CTE MSS F3.1 CTE MSS F3.2 CTE MSS F3.3 CTE MSS F3.5 CTE MSS F3.6 CTE MSS F4.1 CTE MSS F4.3 CTE MSS F4.4 CTE MSS F5.0 CTE MSS F6.1 CTE MSS F6.3 CTE MSS F7.0 CTE MSS F8.1 CTE MSS F8.4 CTE MSS F9.1 CTE MSS F9.3 CTE MSS F9.4 CTE MSS F10.1 CTE MSS F10.2 CTE MSS F10.3 CTE MSS F10.4 CTE MSS F10.5 CTE MSS F10.7 Personal qualifications, interests, knowledge Career opportunities Career plan Past, present, future trends Job application, resume, interview, portfolio Technological advances Influence of emerging technology on the economy Web sites development and the internet Problem solving and critical thinking Policies and procedures for employee safety Financial impact of environmental and ergonomic risks Responsibility and flexibility Regulatory agencies Laws and regulations that affect businesses Teamwork, leadership, and citizenship Work teams Conflict resolution Information for making marketing decisions Financial concepts Product and service management Promotion concepts and strategies Determining customer needs Pricing concepts and strategies CTE Standards from Entrepreneurship Kings Regional Occupational Program Economics of Business Course Page 9