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- Grade 8 Combined Business: Unit 1. Business Fundamentals
Curriculum
- 3 Sections
- 18 Lessons
- 10 Weeks
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- 1.1 Basic Economic Concept9
- 1.11.1.1 The Distinction Between Needs and Wants
- 1.21.1.2 The Economic Problem of Scarcity and the Necessity of Choice
- 1.31.1.3 Understanding Opportunity Cost as the Next Best Alternative Foregone
- 1.41.1.4 Using the Production Possibility Curve (PPC) to Illustrate Opportunity Cost
- 1.51.1.5 Classifying Goods and Services (Free vs. Economic, Consumer, Producer, Merit, & Public Goods)
- 1.61.1.6 Principles of Demand and the Law of Demand
- 1.71.1.7 Principles of Supply and the Law of Supply
- 1.81.1.8 The Function of the Price Mechanism in Determining Market Equilibrium
- 1.9Quiz 10 Questions
- 1.2 The Factors of Production6
- 2.11.2.1 Introduction to the Four Factors of Production: Land, Labour, Capital, and the Entrepreneur
- 2.21.2.2 Land: Characteristics of Natural Resources and their Reward (Rent)
- 2.31.2.3 Labour: Characteristics of Human Effort and its Reward (Wages/Salary)
- 2.41.2.4 Capital: Characteristics of Man-made Resources and its Reward (Interest)
- 2.51.2.5 The Entrepreneur: The Role of the Organizer and their Reward (Profit/Loss)
- 2.6Quiz 20 Questions
- 1.3 Stakeholders6
- 3.11.3.1 Defining Stakeholders and their Relationship to a Business
- 3.21.3.2 Identifying Internal Stakeholders: Owners, Managers, Shareholders, and Employees
- 3.31.3.3 Identifying External Stakeholders: Customers, Government, Suppliers, Pressure Groups, and Community
- 3.41.3.4 Analyzing the Distinct Roles and Responsibilities of Key Stakeholder Groups
- 3.51.3.5 Evaluating Potential Sources of Conflict Among Different Stakeholders
- 3.6Quiz 30 Questions
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