1. The Business Environment The Business Environment is composed of five components: economic and legal, technological, competitive, social, and global environments. Define/explain each of these environments. (Chapter I) 2. Free Market Economy Explain how a free market economic system works. (Chapter 2) 3. Forms of Competition Identify and explain the four forms of competition related to the U.S. Economy. (Chapter 2) 4. Key Economic Indicators List and explain the Key Economic Indicators to the U.S. Economy. (Chapter 2) 5. Business Cycles Define/explain the phases of the Business Cycle. (Chapter 2) 6. Economic Challenges for the United States What do you consider the most important economic challenges that will face people in the United States in the next 10 years