State deca Flashcards
Study performance indicators
Comply with the spirit and intent of laws and regulations (BL:163) (CS)
Definition: This refers to businesses ensuring they follow not just the letter of the law but also its intended purpose. It means acting ethically and with good intentions within the bounds of the law.
Example: A company must not only pay its taxes but also ensure that the taxes are used in accordance with governmental aims, like supporting public infrastructure and services.
Discuss the nature of law and sources of law in the United States (BL:067) (SP)
Definition: The nature of law refers to the rules and regulations governing behavior in society, and sources include constitutions, statutes, common law, and administrative regulations.
Example: The Constitution is the supreme law of the land, and any law that contradicts it can be overturned. Statutory law is created by legislatures, like the Clean Air Act.
Describe the United States’ judicial system (BL:068) (SP)
Definition: The judicial system in the U.S. consists of federal and state courts that interpret and apply laws. This includes trial courts, appellate courts, and the Supreme Court.
Example: A federal court may handle cases involving interstate commerce, while state courts handle local disputes like property or contract issues.
Describe methods used to protect intellectual property (BL:051) (SP)
Definition: Intellectual property refers to creations of the mind, like inventions, artistic works, and brand names. Protection methods include patents, copyrights, and trademarks.
Example: A tech company might patent a new software algorithm to prevent others from using it without permission.
Describe legal issues affecting businesses (BL:001) (SP)
Definition: Legal issues for businesses can include disputes over contracts, employment law violations, consumer protection, and intellectual property rights.
Example: A company might face a lawsuit for wrongful termination if an employee believes they were fired unjustly.
Identify the basic torts relating to business enterprises (BL:069) (SP)
Definition: Torts are civil wrongs that cause harm or loss to individuals or organizations. Common business torts include negligence, defamation, and fraud.
Example: A company might be sued for negligence if it fails to maintain safe premises, leading to customer injury.
Describe the nature of legally binding contracts (BL:002) (SP)
Definition: A contract is an agreement between two or more parties that is legally enforceable. For a contract to be binding, there must be an offer, acceptance, consideration, and mutual intent to be bound.
Example: A business enters a contract with a supplier to purchase raw materials. If the supplier fails to deliver, the business can sue for breach of contract.
Describe the nature of legal procedure (BL:070) (SP)
Definition: Legal procedures are the steps taken in the legal system to resolve disputes, including filing lawsuits, pre-trial motions, trials, and appeals.
Example: A business may file a lawsuit in court, going through the process of discovery, motions, trial, and possibly an appeal.
Discuss the nature of debtor-creditor relationships (BL:071) (SP)
Definition: This refers to the legal relationship between a borrower (debtor) and lender (creditor). It involves terms of repayment, collateral, and the consequences of non-payment.
Example: A business borrows money from a bank to expand and agrees to repay the loan with interest over a set period.
Explain the nature of agency relationships (BL:072) (SP)
Definition: An agency relationship occurs when one party (the agent) is authorized to act on behalf of another (the principal) in business dealings.
Example: A business hires a real estate agent to negotiate the purchase of property on its behalf.
Discuss the nature of environmental law (BL:073) (SP)
Definition: Environmental laws regulate how businesses interact with the environment, including waste disposal, pollution, and resource use.
Example: A factory must comply with environmental laws by installing equipment to reduce emissions and prevent pollution.
Discuss the role of administrative law (BL:074) (SP)
Definition: Administrative law deals with the rules and regulations created by government agencies, like the Environmental Protection Agency (EPA) or Federal Trade Commission (FTC).
Example: A company must follow FTC rules regarding advertising claims to avoid misleading consumers.
Explain types of business ownership (BL:003) (CS)
Definition: There are several types of business ownership, including sole proprietorships, partnerships, and corporations, each with different legal and tax implications.
Example: A sole proprietorship is owned and operated by one individual, while a corporation is a separate legal entity that limits the owner’s personal liability.
Explain the nature of import/export law (BL:145) (SP)
Definition: Import/export laws regulate the movement of goods and services across borders, including tariffs, customs duties, and trade agreements.
Example: A business that imports electronics from China must comply with U.S. customs regulations and pay any applicable tariffs.
Describe the nature of customs regulations (BL:126) (SP)
Definition: Customs regulations govern the importation and exportation of goods, ensuring that goods comply with laws concerning safety, taxes, and duties.
Example: A business importing luxury goods must declare the value of the items at customs and may need to pay duties based on the type of goods being imported.
Identify sources that provide relevant, valid written material (CO:054) (PQ)
Definition: This involves recognizing credible sources of information that are reliable, relevant, and authoritative for a given task.
Example: When researching a marketing strategy, using sources like industry reports, government publications, or academic journals instead of unverified websites.
Extract relevant information from written materials (CO:055) (PQ)
Definition: This refers to the ability to locate and gather useful data or facts from documents or texts to complete a task or make decisions.
Example: While reading a company’s financial report, identifying key figures like profits, expenses, and growth projections that are necessary for a strategic decision.
Apply written directions to achieve tasks (CO:056) (PQ)
Definition: The skill to follow written instructions accurately to complete a specific task.
Example: Following an assembly manual to properly put together a piece of furniture, ensuring each step is completed correctly.
Analyze company resources to ascertain policies and procedures (CO:057) (CS)
Definition: This involves reviewing company documents to understand its policies and procedures, ensuring that employees comply with the standards set by the organization.
Example: A new employee reviews the employee handbook to understand the company’s dress code, attendance policy, and disciplinary procedures.
Explain communication techniques that support and encourage a speaker (CO:082) (PQ)
Definition: These are techniques used to encourage the speaker to continue and clarify their message, such as nodding, making eye contact, and using verbal affirmations.
Example: During a meeting, saying “I understand” or “Please continue” to show support for the speaker and ensure they feel heard.
Follow oral directions (CO:119) (PQ)
Definition: This skill involves listening to spoken instructions and acting on them without needing to ask for clarification.
Example: A manager tells an employee to prepare a report by 5 PM. The employee listens carefully, ensures they understand the deadline, and completes the report on time.
Demonstrate active listening skills (CO:017) (PQ)
Definition: Active listening involves focusing on the speaker, understanding their message, and responding thoughtfully. It requires concentration, feedback, and clarification.
Example: In a conversation, you maintain eye contact, paraphrase what the speaker said to confirm understanding, and ask questions to clarify any uncertainties.
Explain the nature of effective verbal communications (CO:147) (PQ)
Definition: Effective verbal communication involves expressing ideas clearly and appropriately while ensuring that the message is understood.
Example: During a business meeting, using simple language, avoiding jargon, and ensuring that your main points are easy to grasp by all participants.
Ask relevant questions (CO:058) (PQ)
Definition: Asking questions that are focused on gathering specific, necessary information to help you make decisions or clarify a situation.
Example: In a customer service setting, asking, “Can you describe the issue you’re facing?” to gain clear insight into the problem.
Interpret others’ nonverbal cues (CO:059) (PQ)
Definition: Recognizing and understanding nonverbal signals like body language, facial expressions, and gestures, which can convey information beyond words.
Example: Noticing that someone is crossing their arms and looking away during a meeting, indicating they may be uncomfortable or disagreeing with the topic.
Provide legitimate responses to inquiries (CO:060) (PQ)
Definition: Offering accurate and truthful answers when responding to questions, ensuring the information provided is valid and appropriate.
Example: A manager responds to an employee’s inquiry about the company’s health insurance policy with the correct details on coverage and eligibility.
Give verbal directions (CO:083) (PQ)
Definition: The ability to communicate clear and concise instructions to others in a way that helps them understand and complete a task effectively.
Example: Telling an assistant, “Please organize the files in alphabetical order, starting with the A folder,” ensuring that the instructions are easy to follow.
Employ communication styles appropriate to target audience (CO:084) (CS)
Definition: Adapting your communication style based on the audience you’re addressing, such as being formal with executives or casual with colleagues.
Example: When presenting to senior management, using professional language and a formal tone, while using a more relaxed style when communicating with peers.
Defend ideas objectively (CO:061) (CS)
Definition: Presenting logical arguments to support your ideas and opinions without being defensive or overly emotional.
Example: When proposing a new marketing strategy, explaining the research and data behind your idea to convince others of its effectiveness, rather than simply asserting it’s a good idea.
Handle telephone calls in a businesslike manner (CO:114) (CS)
Definition: Answering and making phone calls in a professional, polite, and efficient manner, representing the business appropriately.
Example: Greeting the caller with, “Good morning, this is [Your Name] from [Company Name], how may I assist you today?” ensuring a respectful and professional tone.
Participate in group discussions (CO:053) (CS)
Definition: Engaging in group conversations by sharing ideas, listening to others, and contributing meaningfully to the discussion.
Example: In a team meeting, offering suggestions and feedback on a project plan while considering others’ input.
Facilitate (lead) group discussions (CO:201) (SP)
Definition: Leading a group discussion by keeping the conversation on track, encouraging participation, and ensuring that all viewpoints are heard.
Example: During a brainstorming session, guiding the conversation, asking probing questions, and summarizing ideas to keep the group focused.
Make oral presentations (CO:025) (SP)
Definition: Delivering a spoken presentation to inform, persuade, or entertain an audience in a clear, organized, and confident manner.
Example: Presenting a quarterly business report to stakeholders, explaining the company’s performance using data and visuals.
Utilize note-taking strategies (CO:085) (CS)
Definition: The ability to take effective notes during meetings, presentations, or research to capture key points and relevant information.
Example: Using bullet points, abbreviations, and headings to efficiently organize and summarize the key takeaways from a meeting.
Organize information (CO:086) (CS)
Definition: Structuring information in a logical, easy-to-understand way, often using headings, subheadings, lists, or other organizational tools.
Example: Creating a project timeline that categorizes tasks by priority and deadlines, making it easy to track progress.
Select and use appropriate graphic aids (CO:087) (CS)
Definition: Choosing and applying visual tools, such as charts, graphs, or diagrams, to represent data or information clearly in reports.
Example: Using a bar graph to display sales figures over several months, making trends easier to interpret.
Explain the nature of effective written communications (CO:016) (CS)
Definition: Effective written communication conveys a message clearly, concisely, and appropriately to the target audience, ensuring understanding and minimizing ambiguity.
Example: Writing a clear and straightforward email to a colleague about a project update, where the message is simple, direct, and free from unnecessary jargon.
Select and utilize appropriate formats for professional writing (CO:088) (CS)
Definition: Choosing the right format for different types of business writing, such as memos, reports, emails, and letters, depending on the audience and purpose.
Example: Using a formal letter format when sending a job offer and a casual email format when notifying a colleague about a meeting time.
Edit and revise written work consistent with professional standards (CO:089) (CS)
Definition: Reviewing and improving written material to ensure it meets grammar, style, clarity, and tone standards suitable for professional communication.
Example: After drafting a report, you go back and edit it to ensure the language is professional, the grammar is correct, and the overall structure flows logically.
Write professional emails (CO:090) (CS)
Definition: Composing emails that are clear, polite, concise, and professional, including proper etiquette such as subject lines, greetings, and sign-offs.
Example: Sending an email to a client confirming an appointment, with a polite greeting, clear purpose, and a professional closing.
Write business letters (CO:133) (CS)
Definition: Drafting formal letters for business communication, which may include a header, date, greeting, body, closing, and signature.
Example: Writing a letter to a supplier to request a price quote, ensuring all business etiquette and proper tone are followed.
per tone are followed.
Write informational messages (CO:039) (CS)
Definition: Writing messages that provide important facts or updates to inform others, without asking for a response.
Example: Sending an email to employees informing them about changes in the company’s holiday schedule.
Write inquiries (CO:040) (CS)
Definition: Composing messages or letters requesting information from others, ensuring that the questions are clear and well-structured.
Example: Writing a formal email to a vendor asking for more details about their product features and pricing.
Write persuasive messages (CO:031) (SP)
Definition: Writing messages designed to convince the recipient to take action or agree with your point of view.
Example: Writing a letter to a potential client explaining why your company’s product is the best solution for their needs.
Write executive summaries (CO:091) (SP)
Definition: Writing a concise summary of a report or proposal that highlights the key points and recommendations, aimed at top-level management.
Example: Summarizing a lengthy market analysis report into a one-page executive summary, focusing on the most important findings and conclusions.
Prepare simple written reports (CO:094) (SP)
Definition: Creating straightforward, factual reports that provide information on a specific business topic or activity.
Example: Preparing a weekly sales report that outlines the total sales, compared to targets, and any significant trends or issues.
Explain how digital communications (e.g., email, text messages, chats) expose business to risk (CO:202) (SP)
Definition: Understanding that digital communication can expose businesses to risks like data breaches, misunderstandings, or legal issues if not managed properly.
Example: Sending sensitive information via unsecured email could lead to data theft, or a poorly worded text message could lead to a misunderstanding with a client.
Adapt written correspondence to targeted audiences (CO:203) (SP)
Definition: Tailoring the style, tone, and content of written communication depending on the audience (e.g., customers, employees, executives).
Example: Writing a formal report for senior management while crafting a more casual email for internal colleagues about the same project. A luxury fashion brand sending an email to high-end customers might use elegant language and emphasize exclusivity.
A social media post about a sale for a younger audience might be casual, engaging, and use emojis to grab attention.
Use data visualization techniques (CO:204) (SP)
Definition: Presenting data in a visual format such as infographics, heat maps, and dynamic models to make complex information easier to understand.
Example:
A fashion retailer creating an infographic showing seasonal sales trends.
A heat map displaying customer engagement in different store locations.
A dashboard showing real-time inventory levels for an apparel business.
Describe the impact of a person’s social media brand on the achievement of organizational objectives (CO:205) (CS)
Definition: A person’s online presence, including their posts, tone, and engagement, affects how a company is perceived and can influence business goals like brand reputation, customer trust, and sales. Example:
A fashion influencer posting positive content about a brand increases customer interest and sales.
A company executive making controversial remarks online could damage the brand’s reputation.
Distinguish between using social media for business and personal purposes (CO:206) (CS)
Definition: Understanding the difference between posting for personal engagement and using social media to promote a business, interact with customers, and drive sales.
Example:
Personal Use: Posting vacation photos or sharing opinions on current events.
Business Use: Posting product promotions, responding to customer inquiries, and analyzing social media metrics to improve marketing strategies.
Communicate with staff to clarify workplace objectives
Explain the nature of staff communication (CO:014) (CS)
Definition: Staff communication involves sharing information, giving feedback, and ensuring employees understand business objectives and expectations. It can be formal (meetings, reports) or informal (quick chats, emails).
Example:
A manager sending a company-wide email about a new store policy.
A team leader explaining daily sales goals to employees before the store opens.
Choose and use appropriate channels for workplace communication (CO:092) (CS)
Definition: Selecting the best method (email, in-person meetings, messaging apps, phone calls) based on the urgency, complexity, and audience of the message.
Example:
Announcing a major policy change via an all-staff meeting rather than a text message.
Quickly notifying an employee about a shift change through a messaging app instead of an email.
Participate in a staff meeting (CO:063) (CS)
Definition: Engaging in discussions, sharing ideas, and actively listening during workplace meetings to stay informed and contribute to team goals.
Example:
An employee presenting a new social media marketing idea during a staff meeting.
A store manager leading a discussion on improving customer service.
Participate in problem-solving groups (CO:067) (CS)
Definition: Working collaboratively with colleagues to identify and solve workplace challenges.
Example:
A group of employees brainstorming solutions to reduce long checkout lines in a retail store.
A fashion design team working together to solve a production delay.
Explain the nature of positive customer relations (CR:003) (CS)
Definition: Positive customer relations involve consistently providing excellent service, meeting customer needs, and ensuring a pleasant experience to build loyalty and satisfaction.
Example:
A retail associate helping a customer find the perfect outfit and suggesting matching accessories.
A brand quickly addressing a shipping issue with a sincere apology and a discount for the inconvenience.
Demonstrate a customer service mindset (CR:004) (CS)
Definition: A customer service mindset means prioritizing the customer’s needs, being helpful, and ensuring a positive experience.
Example:
A sales associate greeting customers warmly and asking if they need assistance.
A business responding quickly to customer complaints with a solution-focused approach.
Develop rapport with customers (CR:029) (CS)
Definition: Building a friendly and trusting relationship with customers through communication, empathy, and personalized interactions.
Example:
Remembering a frequent shopper’s name and style preferences.
Engaging in small talk about fashion trends while assisting a customer.
Reinforce service orientation through communication (CR:005) (CS)
Definition: Using clear and friendly communication to show customers that their satisfaction is a priority.
Example:
Using polite and professional language when assisting a customer.
Following up with a customer after a purchase to ensure they are satisfied.
Respond to customer inquiries (CR:006) (CS)
Definition: Answering customer questions promptly, accurately, and in a friendly manner to provide a positive experience.
Example:
A customer asks about return policies, and the associate clearly explains the process.
Responding to a social media comment about store hours within a few minutes.
Adapt communication to the cultural and social differences among clients (CR:019) (CS)
Definition: Adjusting communication style, tone, and approach to respect and accommodate customers’ diverse backgrounds.
Example:
A sales associate using simple language for a non-native English speaker.
Respecting different cultural norms regarding personal space during interactions.
Interpret business policies to customers/clients (CR:007) (CS)
Definition: Clearly explaining store policies, such as returns, exchanges, and warranties, in a way that customers understand.
Example:
A cashier explaining why a final-sale item cannot be returned.
An online store providing a detailed FAQ about shipping and return policies.
Build and maintain relationships with customers (CR:030) (SP)
Definition: Engaging with customers consistently and providing great service to encourage repeat business and loyalty.
Example:
A clothing boutique sending personalized discounts to repeat customers.
A sales associate following up with a customer about a special-order item they were interested in.
Handle difficult customers (CR:009) (CS)
Definition: Managing challenging customers with patience, professionalism, and problem-solving skills.
Example:
A customer is upset about a delayed order, and the employee stays calm, apologizes, and offers a discount on the next purchase.
A retail associate diffusing a situation by listening to an angry customer’s complaint before offering a solution.
Handle customer/client complaints (CR:010) (CS)
Definition: Addressing complaints professionally and finding solutions that satisfy the customer while aligning with company policies.
Example:
A store offering an exchange or store credit to a customer who received a defective item.
Responding to a negative online review by apologizing and offering to resolve the issue.
Identify company’s brand promise (CR:001) (CS)
Definition: A brand promise is a company’s commitment to customers regarding the experience and quality they can expect.
Example:
Nike’s brand promise: “To bring inspiration and innovation to every athlete in the world.”
A high-end boutique promising personalized styling services and premium products.
Determine ways of reinforcing the company’s image through employee performance (CR:002) (CS)
Definition: Employees represent the brand through their actions, service, and professionalism, reinforcing the company’s reputation.
Example:
A luxury brand training staff to provide top-tier customer service.
Employees wearing the brand’s clothing in a retail store to showcase styles.
Discuss the nature of customer relationship management (CR:016) (SP)
Definition: CRM involves strategies and technologies used to manage interactions with customers, improve relationships, and increase sales.
Example:
A fashion retailer using a loyalty program to reward repeat customers.
A brand sending personalized email promotions based on customer purchase history.
Explain the role of ethics in customer relationship management (CR:017) (SP)
Definition: Ethics in CRM involves treating customers fairly, respecting privacy, and using honest business practices.
Example:
A company ensuring customer data is not shared or sold without consent.
A retailer being transparent about product availability and pricing.
Describe the use of technology in customer relationship management (CR:018) (SP)
Definition: Technology helps businesses manage customer interactions, track data, and improve service.
Example:
A retail store using CRM software to send automated follow-up emails.
An online fashion brand using chatbots to answer customer questions 24/7.
Distinguish between economic goods and services (EC:002) (CS)
Definition:
Goods are tangible products that satisfy wants and needs (e.g., clothing, shoes, accessories).
Services are intangible actions performed for a customer (e.g., tailoring, personal styling, fashion consulting).
Example:
A designer handbag is an economic good.
A fashion stylist giving advice on outfit coordination is a service
Explain the concept of economic resources (EC:003) (CS)
Definition: The inputs used to produce goods and services, categorized into:
Natural Resources (raw materials like cotton, leather)
Human Resources (workers, designers, sales associates)
Capital Resources (factories, sewing machines, retail stores)
Example: A clothing company uses cotton (natural), factory workers (human), and sewing machines (capital) to produce shirts.
Describe the concepts of economics and economic activities (EC:001) (CS)
Definition:
Economics is the study of how people use resources to satisfy wants and needs.
Economic activities include production, distribution, exchange, and consumption of goods and services.
Example: A fashion retailer imports clothes (distribution), sells them in stores (exchange), and customers buy and wear them (consumption).
Determine economic utilities created by business activities (EC:004) (CS)
Definition: Economic utilities are the value added to products through business activities:
Form Utility – Changing raw materials into a finished product (e.g., turning fabric into a dress).
Place Utility – Making a product available where customers want it (e.g., selling clothing online).
Time Utility – Offering products when customers need them (e.g., winter coats in December).
Possession Utility – Making purchasing easier (e.g., accepting credit cards).
Example: A retailer improves time utility by launching a summer collection in May.
Explain the principles of supply and demand (EC:005) (CS)
Definition:
Supply is the quantity of a product businesses are willing to sell at different prices.
Demand is the quantity of a product consumers are willing to buy at different prices.
Equilibrium price occurs where supply meets demand. Example: If a celebrity wears a certain brand of sneakers, demand increases, and the price may rise due to scarcity.
Describe the functions of prices in markets (EC:006) (CS)
Definition: Prices act as signals in a market, influencing consumer behavior and business decisions.
Example:
A high price can signal exclusivity (e.g., luxury handbags).
A price drop can clear out inventory (e.g., end-of-season sales).
Explain the role of business in society (EC:070) (CS)
Definition: Businesses provide goods, services, jobs, and contribute to economic growth.
Example: A fashion retailer provides employment to designers, manufacturers, and sales associates while offering clothing to consumers.
Describe types of business activities (EC:071) (CS)
Definition: The main business activities include:
Operations (manufacturing, inventory management)
Marketing (advertising, promotions)
Finance (budgeting, investments)
Human Resources (hiring, training)
Example: A clothing brand engages in marketing by launching an influencer campaign on Instagram.
Describe types of business models (EC:138) (SP)
Definition: Business models define how a company generates revenue, such as:
Retail (selling directly to customers)
Wholesale (selling in bulk to other businesses)
Subscription-based (monthly clothing boxes)
E-commerce (online stores)
Example: A luxury fashion brand operates on a direct-to-consumer retail model through flagship stores and online sales.
Explain the organizational design of businesses (EC:103) (SP)
Definition: The structure a business uses to manage operations, such as:
Hierarchical (Top-down management)
Flat (Few levels, more collaboration)
Example: A department store has a hierarchical structure with executives, managers, and sales associates.
Discuss the global environment in which businesses operate (EC:104) (SP)
Definition: Businesses operate internationally, affected by trade policies, economic conditions, and cultural differences.
Example: A U.S. clothing brand sources materials from China and markets its products globally.
Describe factors that affect the business environment (EC:105) (SP)
Definition: Factors include economic trends, consumer preferences, government regulations, and competition.
Example: Rising sustainable fashion trends force businesses to adopt eco-friendly materials.
Explain the nature of business ethics (EC:106) (SP)
Definition: Business ethics involve moral principles in decision-making, such as fair labor practices and honesty in advertising.
Example: A brand refusing to use sweatshops shows ethical responsibility.
Explain how organizations adapt to today’s markets (EC:107) (SP)
Definition: Businesses change strategies to stay competitive, such as digital marketing, sustainability, and innovation.
Example: A clothing brand launches an augmented reality (AR) fitting room experience to attract tech-savvy shoppers.
Explain the types of economic systems (EC:007) (CS)
Definition:
Market Economy: Private businesses control production (e.g., U.S.).
Command Economy: Government controls production (e.g., North Korea).
Mixed Economy: Combination of private and government control (e.g., France).
Example: The U.S. operates a mixed economy, where businesses function freely but follow government regulations.
Identify the impact of small business/entrepreneurship on market economies (EC:065) (CS)
Definition: Small businesses create jobs, drive innovation, and increase competition.
Example: A small boutique offering unique handmade clothing differentiates itself from major retailers.
Explain the concept of private enterprise (EC:009) (CS)
Definition: A system where individuals own businesses with minimal government interference.
Example: A designer launches their own clothing line without government control over production or pricing.
Identify factors affecting a business’s profit (EC:010) (CS)
Definition: Factors include production costs, competition, demand, and pricing.
Example: If material costs rise, a clothing company may have lower profit margins unless they adjust prices.
Determine factors affecting business risk (EC:011) (CS)
Definition: Risks include financial, operational, legal, and competitive threats.
Example: A fashion brand expanding too quickly without demand may face financial losses.
Explain the concept of competition (EC:012) (CS)
Definition: Businesses compete to attract customers, leading to innovation and better pricing.
Example: Nike and Adidas compete by releasing new sneaker designs and offering endorsements.
Determine the relationship between government and business (EC:008) (CS)
Definition: Governments regulate businesses through laws, taxes, and policies, while businesses contribute to economic growth.
Example: Minimum wage laws impact labor costs for retail businesses.
Describe the nature of taxes (EC:072) (SP)
Definition: Taxes fund public services and include:
Income Tax (on earnings)
Sales Tax (on purchases)
Corporate Tax (on business profits)
