Alignment to Utah CTE Business Management
I use the OpenStax Introduction to Business free digital textbook to teach Utah’s CTE Business Management Course. This Intro to Business chapter covers the following strands and standards of that course:
STRAND 1: Role of Business Management & Economics
Students will understand the role of Business Management and the economic concepts that affect the business decision-making process.
Standard 1: Students will understand that a country’s economy is based on its ability to satisfy its people’s wants and needs.
An economy needs to answer these 3 basic economic questions.
– What to produce?
– How to produce goods and services?
– How to distribute goods and services? Online or Brick & Mortar
Compare and contrast the 3 main economic systems:
– Command: an economy in which production, investment, prices, and incomes are determined centrally by a government.
– Market: an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
– Mixed: an economic system combining private and public enterprise.
Standard 2: Describe the law of supply and the law of demand.
Illustrate the supply and demand curves and define the supply and demand
– Supply: the amount of a good or service offered for sale.
– Demand: the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item.
Describe the interrelationship between cost and price and profit.
– Price – Cost = Profit
– As cost goes up so does price and the opposite is always true
Explain how Equilibrium, Surplus & Shortage relate
How supply and demand affect the price
Standard 3: Understand basic economic terms that affect businesses’ decision-making. Describe how the business satisfies wants and needs in a free market society.
Understand scarcity: the state of being scarce or in short supply; shortage.
Understand the opportunity cost and the loss of potential gain from other alternatives when one alternative is chosen.
Understand the concept of the business life cycle as it correlates with the economy (depression, inflation, recession, expansion)
What are Guided Notes?
Guided notes are a structured note-taking organizer to help students read text. Students are asked to define important terms and answer key questions. I allow students to use any handwritten guided notes on exams. This gives students an incentive to engage with the readings and helps students learn good note-taking skills.
Ch 1 Table of Contents
Ch 1: Understanding Economic Systems and Business
1.1 The Nature of Business
1.2 Understanding the Business Environment
1.3 How Businesses and Economies Work
1.4 Macroeconomics: The Big Picture
1.5 Achieving Macroeconomic Goals
1.6 Microeconomics: Zeroing in on Businesses and Consumers
1.7 Competing in a Free Market
1.8 Trends in the Business Environment and Competition