Describe the relationship between profit and risk and show how business and nonprofit organizations can raise the standard of living for all.

Describe how each of the five elements of the business environment affects business and nonprofit organizations and can raise the standard of living for all.

Describe and explain basic economics.

Compare and contrast the various types of economic systems and explain the trend toward mixed economies.

Describe the economic system of the United States, including the significance of key economic indicators, especially GDP productivity and the business cycle.

Contrast fiscal policy and monetary policy and explain how each affects the economy