CSEC Principles Of Business (Grade 11) By Ms. Janet Cable
RATIONALE
Principles of Business focuses on the theoretical and practical aspects of business activities. It provides a framework to assist in more informed decision-making by individuals in their role of producers or consumers. An understanding of business principles in this course of study prepares students to become productive members of society. The syllabus provides opportunity for students to develop entrepreneurial and managerial skills necessary to survive and prosper in a local, regional and global dynamic business environment. The CSEC® Principles of Business syllabus engages students in conducting research which helps to improve their communication and critical thinking skills and creates an awareness of business ethics and social and economic responsibilities.
AIMS
The syllabus aims to:
- promote understanding of theories, concepts and practices that are applicable to the culturally-diversified economic environment of the Caribbean;
- provide knowledge of business and of its role in a rapidly-changing Caribbean and global economic environment;
- provide the opportunity for informed decision making through the development of skills in critical thinking, problem-solving, research and communication;
- nurture students’ creative and entrepreneurial abilities to enable them to participate fully in the local, regional and global economy;
- sensitise students to the need for responsible social and ethical behaviour in their pursuit of business goals; and,
- enable students to access and apply appropriate technology in pursuing opportunities and solving problems in business.
Lessons
- Explain the development of barter
- Describe the role of money
- Identify the instruments of exchange
- Interpret information on various instruments of payment
- Differentiate between private and public sectors
- Describe the various forms of business organisations and arrangements
- Differentiate among the types of economic systems
- Identify the stakeholders involved in business activities
- Discuss the role and functions of the stakeholders involved in business activities
- Explain the ethical and legal issues in the establishment and operations of a business
- Explain the principles that must be adopted in the establishment and operation of a business
- Explain the consequences of unethical and illegal practices in business
- Describe the careers in the field of business
- Describe the functions of management
- Outline the responsibilities of management
- Construct simple organisational charts
- Interpret simple organisational charts
- Outline the essential characteristics of a good leader
- Discuss the different leadership styles
- Identify potential sources of conflict within an organisation
- Outline strategies used by employers and employees to gain an upper hand during periods of conflict
- Establish guidelines for the conduct of good management and staff relations in the workplace
- Identify strategies for motivating employees in a business
- Evaluate the role of teamwork in the success of an organisation
- Outline strategies for effective communication within an organisation
- Define the term entrepreneur
- Explain the functions of an entrepreneur
- Identify the characteristics of the typical entrepreneur
- Describe the role of the entrepreneur in the decision-making process
- Outline the role of the entrepreneur in economic development
- Outline reasons why an individual may want to establish a business
- Outline the essential steps that should be taken in establishing a business
- Identify the reasons for preparing a business plan
- Describe the elements of a business plan
- Identify sources of information for conducting research into the establishment of businesses
- Discuss the significance of conducting a feasibility study into the establishing of a business
- Explain the relationship between planning and the operation of a business
- Identify regulatory practices instituted by governments for the establishment and conduct of different types of businesses
- Explain the significance of collateral in accessing capital to establish a business
- Explain the concept of contract
- Identify the types of contracts
- Describe the characteristics of a simple contract
- Describe the characteristics of a specialty contract
- Explain the conditions under which offer and acceptance are communicate
- Explain ways by which contracts may be terminated or discharged
- Apply the principles of a simple contract to cases
- Explain why documentation is necessary in business transactions
- Prepare business documents for various purposes
- Evaluate the principles upon which insurance is based
- Explain the various types of insurance policies
- Explain how insurance facilitates trade
- Identify factors in the production of goods and services
- Identify industries developed from the natural resources of Caribbean territories
- Differentiate between production and productivity
- Explain the importance of productivity
- Explain the role of capital in production
- Differentiate amongst types of capital
- Classify the different types and levels of production
- Describe the characteristics of cottage industries
- Outline the functions of small businesses
- Discuss the advantages and disadvantages of small business
- Explain how a business grows internally and externally
- Outline the opportunities for and benefits of developing linkage industries
- Explain the effects of growth on a business
- Explain the concepts of market and marketing
- Explain marketing activities
- Describe the “marketing mix”
- Lecture6.4 Describe the factors that influence consumer behaviour
- Identify factors affecting packaging and presentation of goods
- Describe methods of promoting sales
- Identify the techniques of selling
- Explain the various terms of sales
- List the functions of consumer organisations
- Outline the role of customer service
- Describe forms of customer service
- Explain the concept of intellectual property rights
- Explain the term logistics and supply chain operations
- Describe the links in the chain of distribution
- Distinguish between multimodal and intermodal transport
- Interpret information on transport documents
- Explain the role of transport in marketing
- Identify advantages and challenges of supply chain operations
- Explain the impact of logistics and supply chain operations on the competitiveness of business
- Identify the problems likely to be encountered in distribution
- Outline measures to mitigate problems in distribution
- Outline the impact of information technology on logistics and supply chain operations
- Identify various financial institutions
- Describe the functions and services offered by financial institutions
- Describe the role and functions of financial regulatory bodies
- Describe the relationship between financial institutions and regulatory bodies
- Outline ways used by individuals to manage personal income
- Differentiate between savings and investments
- Explain the concepts of short-term and long-term financing
- Identify personal sources of capital for setting up of a business
- Identify the purposes of basic financial records for sole traders
- Outline the responsibilities of government in an economy
- Describe how government can influence businesses to protect the environment
- State the purposes of taxation
- Distinguish between direct and indirect taxes
- Describe the forms of assistance offered by government to businesses
- Discuss the social services provided by government
- Identify the functions of major economic institutions and systems
- Explain the concept of business technology
- Explain the role of Information Communication Technology (ICT) in business
- Describe the types of ICT used in business
- Distinguish between E-commerce and E-business
- Identify ways in which ICT can be used to improve efficiency of business operations
- Discuss the ethical implications of the use of ICT in business
- Outline the factors that determine a country’s standard of living and its quality of life
- Explain national income and its variations: gross national product, gross domestic product, per capita income
- Describe the role of education in economic growth and development
- Outline the reasons for international trade
- Explain how economic institutions or trade agreements impact the Caribbean
- Identify major economic problems of the Caribbean
- Outline appropriate solutions to the major economic problems of the Caribbean
- Explain the role, benefits and impact of foreign investment