Mississippi College- and Career-Readiness Standards, Business Essentials

Title 7: Education K-12 Part 228: Mississippi College- and Career-Readiness Standards, Business Essentials 2 022 Business Essen tials Direct inquiries to: Instructional Design Specialist Mississippi Department of Education Research and Curriculum Unit P.O. Box 771 P.O. Drawer DX Jackson, MS 39205 Mississippi State, MS 39762 601.359.3077 662.325.2510 Published by: Mississippi Department of Education Research and Curriculum Unit Jackson, MS 39205 Mississippi State University Mississippi State, MS 39762 The Research and Curriculum Unit (RCU), located in Starkville, as part of Mississippi State University (MSU), was established to foster educational enhancements and innovations. In keeping with the land-grant mission of MSU, the RCU is dedicated to improving the quality of life for Mississippians. The RCU enhances intellectual and professional development of Mississippi students and educators while applying knowledge and educational research to the lives of the people of the state. The RCU works within the contexts of curriculum development and revision, research, assessment, professional development, and industrial training. Table of Contents Acknowledgments The business essentials curriculum was presented to the Mississippi State Board of Education on April 21, 2022. The following persons were serving on the state board at the time: Dr. Carey M. Wright, state superintendent of education Ms. Rosemary G. Aultman, chair Mr. Glen East, vice-chair Dr. Karen Elam Dr. Angela Bass Dr. Ronnie McGehee Dr. Wendi Barrett Mr. Matt Miller Mrs. Mary Werner Mr. Bill Jacobs Ms. Amy Zhang, student representative Ms. Micah Hill, student representative The following Mississippi Department of Education (MDE) and RCU managers and specialists assisted in the development of the business essentials: Wendy Clemons, the executive director of the MDE Office of Secondary Education and Professional Development, supported the RCU and teachers throughout the development of the framework and supporting materials. Dr. Aimee Brown, the state director of the MDE Office of Career and Technical Education (CTE), supported the RCU and teachers throughout the development of the framework and supporting materials. Ange Davis, a project manager with the RCU, researched and coauthored this framework. helpdesk@rcu.msstate.edu Special thanks are extended to the educators who contributed teaching and assessment materials that are included in the framework and supporting materials: Jessica Beaird, Starkville High School, Starkville Octavia Chambers, Lanier High School, Jackson Tina Craft, Richland High School, Richland Elaine Dean, Hattiesburg High School, Hattiesburg Amy Dotson, Tishomingo County High School, Iuka Julia Foster, Amory Middle School, Amory Drè Helms, Florence High School, Florence Katerina Krauss, Tupelo High School, Tupelo Justin Loden, Tupelo High School, Tupelo Adrian Lynch, Belmont High School, Belmont Kim McFarling, Saltillo High School, Saltillo Arlene Monk, Forest High School, Forest Colet Pierce, HW Byers High School, Holly Springs Lori Prather, Clinton High School, Clinton Roxanne Wright-Hall, University of Mississippi High School, Oxford Appreciation is expressed to the following professionals who provided guidance and insight throughout the development process: Selena Swartzfager, the president of the Mississippi Council on Economic Education George Sherman, the owner of George Sherman Clothiers Courtney McCubbins, a project manager with the RCU Betsey Smith, the director of the RCU Sam Watts, the curriculum manager for the RCU Standards Some standards and alignment crosswalks are referenced in the appendix. Depending on the curriculum, these crosswalks should identify alignment to some of the standards mentioned below, as well as possible related academic topics as required in the Subject Area Testing Program in Algebra I, Biology I, English II, and U.S. History from 1877, which could be integrated into the content of the units. Mississippi’s business essentials curriculum is aligned to the following standards: International Society for Technology in Education Standards (ISTE) Reprinted with permission from ISTE Standards for Students (2016). All rights reserved. Permission does not constitute an endorsement by ISTE. iste.org College- and Career-Readiness Standards College- and career-readiness standards emphasize critical thinking, teamwork, and problem- solving skills. Students will learn the skills and abilities demanded by the workforce of today and the future. Mississippi adopted Mississippi College- and Career-Readiness Standards (MCCRS) to provide a consistent, clear understanding of what students are expected to learn and so teachers and parents know what they need to do to help them. mdek12.org/oae/college-and-career-readiness-standards Framework for 21st Century Learning In defining 21st-century learning, the Partnership for 21st Century Skills has embraced key themes and skill areas that represent the essential knowledge for the 21st century: global awareness; financial, economic, business, and entrepreneurial literacy; civic literacy; health literacy; environmental literacy; learning and innovation skills; information, media, and technology skills; and life and career skills. 21 Framework Definitions (2019). battelleforkids.org/networks/p21/frameworks-resources National Standards for Business Education The National Business Education Association (NBEA) has created standards to introduce students to the basics of personal finance, the decision-making techniques needed to be wise consumers, the economic principles of an increasingly global marketplace, and the processes by which businesses operate. In addition, these standards provide a solid educational foundation for students who successfully want to complete college programs in various business disciplines. NBEA Business Education Library (2020). nbea.org Executive Summary Description Business Essentials includes elements that will help contribute to student success in the business world. This course provides a broad introduction to the business environment, business ownership and entrepreneurship, management and organization, human resources, marketing and customer relations, accounting and finance, and professional development. Applied Academic Credit The latest academic credit information can be found at mdek12.org/ese/approved-course-for-the-secondary-schools. Teacher Licensure The latest teacher licensure information can be found at mdek12.org/oel/apply-for-an-educator-license. Professional Learning If you have specific questions about the content of any of training sessions provided, please contact the RCU at 662.325.2510. Course Outlines One 1-Carnegie Unit Course This curriculum consists of one 1-credit course. Business Essentials—Course Code: 110720 Unit Title Hours The Business Environment Business Ownership and Entrepreneurship Management and Organization Human Resources Marketing and Customer Relations Accounting and Finance Professional Development Total Unit 1: The Business Environment Competencies and Suggested Objectives 1. Identify fundamental concepts associated with business. DOK1 a. Define terminology associated with business (e.g., business, good, service, etc.). b. Define the term stakeholder and give examples of internal and external stakeholders in a business. 2. Identify economic concepts that are fundamental to business creation. DOK2 a. Develop a definition of economics. b. Describe the three major components of economics (i.e., scarcity, types of resources, and wants and needs). c. Discuss three basic economic questions that affect business. • What goods should be produced and how much? • How will they be produced? • Who should get what, and how much? d. Describe the characteristics of the economy in the United States (i.e., little or no government control, freedom of enterprise and choice, right to own property, profit incentives, and chance of competition). e. Identify and describe market structures that exist in the U.S. economy, including monopolies, oligopolies, perfect competition, and monopolistic competition. f. Differentiate between different types of monopolistic market structures that are allowed to exist in the U.S. economy. 3. Describe the ethical and social responsibilities of a successful business. DOK2 a. Explain the importance of ethical standards in conducting business. b. Describe ethical dilemmas faced by businesses and employees. c. Identify ethical considerations resulting from various situations (e.g., technological advances, global competition, employer-employee relationships, and consumer relations). d. Examine a business code of ethics. e. Define and discuss the types of social responsibility. • Environmental responsibility • Ethical responsibility • Philanthropic responsibility • Economic responsibility f. Identify ways in which an organization demonstrates social responsibility (e.g., providing jobs, paying taxes, contributing to community projects, and environmental responsibility). 4. Examine the development of globalization and the effects of globalization on business.DOK2 a. Explain how advances in technology and communications created an opportunity for globalization. b. Identify the legal issues related to managing an organization in the global environment. c. Identify examples of the economic impact of globalization in business. d. Define and discuss the value and challenges of diversity in global organizations. e. Differentiate among an international, a multinational, and a transnational organization. 5. Explore the rise of e-commerce as an alternative to a traditional brick-and-mortar business. DOK2 a. Define e-commerce and give examples of common e-commerce enterprises. b. Describe how the emergence of e-commerce has affected small business and large business. c. Compare the advantages and disadvantages of e-commerce. d. Identify ways that evolving technologies are used in e-commerce (e.g., mobile apps, web design, payment systems, electronic record keeping, internet platforms, etc.). e. Describe the influence of social media on e-commerce. Unit 2: Business Ownership and Entrepreneurship Competencies and Suggested Objectives 1. Analyze the different types of business ownership structures and their variations. DOK1 a. Define and provide examples of the basic forms of business ownership (e.g., sole proprietorship, partnership, and corporation). b. Identify variations of basic forms of business ownership (e.g., franchise, limited partnership, limited liability company, and S corporation). c. Compare and contrast the basic forms of business ownership. d. Identify the appropriate forms of business ownership in the evolution of a business organization. e. Identify sources of capital for business ventures (e.g., venture capitalists, debt, stock sale/initial public offering, “bootstrapping,” crowdfunding, etc.). 2. Examine activities related to publicly traded companies. DOK2 a. Define and understand concepts and terminology related to public corporations (e.g., initial public offering [IPO], shares of stock, stockholders/shareholders, common stock, preferred stock, board of directors, dividends, stock split, etc.). b. Explain organizational structure changes resulting from “going public.” c. Compare and contrast the benefits and drawbacks of transitioning a business to a publicly traded model. d. Analyze the implications of favoring one group of stakeholders at the expense of another. 3. Examine the role entrepreneurs play in our economy and recognize the personal characteristics and skills that successful entrepreneurs possess. DOK2 a. Define entrepreneurship and entrepreneur. b. Describe the differences between being an entrepreneur and an employee. c. Identify and appraise the unique contributions of entrepreneurs to an economy on the local, state, and national level. d. Identify the characteristics and skills of a successful entrepreneur. e. Compare and contrast one’s personal characteristics and skills with those of an entrepreneur. f. Evaluate the risks and benefits of choosing to become an entrepreneur. g. Describe opportunities/problems that led to the development of successful entrepreneurial endeavors. h. Identify products that emerged from changing trends. Unit 3: Management and Organization Competencies and Suggested Objectives 1. Analyze the internal organization of a business. DOK1 a. Identify levels of management. b. Describe the interaction between and among management levels. c. Differentiate between tall and flat organizational structures. d. Identify and analyze emerging trends in organizational structure (e.g., pre- COVID/post-COVID, self-managed work teams, remote collaboration, etc.). e. Identify the factors that influence an organization’s structure (e.g., size, environment, human resources, technology, and strategy). 2. Explore the planning management function in the business environment. DOK2 a. Identify and understand planning as a function of management in the business setting. b. Explain the management function of planning and describe the decision-making process. c. Apply the decision-making process to scenarios in a business setting. d. Understand the existence of bias in decision-making. e. Discuss the importance of vision, mission, goals, and objective-setting within the context of the business environment. f. Explain the purpose, formation, and application of a business plan as a responsibility of management. 3. Identify and understand organizing as a function of management in the business setting.DOK1 a. Identify and understand organizing as a function of management in the business setting. b. Explain how management identifies and uses various resources in the organizing process to accomplish goals. c. Design an organizational chart. d. Analyze emerging trends in organizational structure (e.g., the gig economy, remote work, digital transformation). 4. Identify and understand leading as a function of management in the business setting. DOK1 a. Identify and understand leading as a function of management in the business setting. b. Define leadership and discuss characteristics of effective leaders. c. Differentiate between leading and managing. d. Identify the leadership style most appropriate for a given situation. e. Identify the leadership skills most appropriate at various levels of management. f. Explain situational variables that affect leader and follower behavior. 5. Identify and understand controlling as a function of management in the business setting.DOK1 a. Identify and understand controlling as a function of management in the business setting. b. Identify aspects in a business setting that benefit from managerial control (e.g., quality control, performance efficiency, inventory, etc.). 6. Identify personal skills necessary for managers in a business environment. DOK1 a. Explain the importance of time management and delegation. b. Identify stressors in personal and professional life and determine appropriate reactions to those stressors. c. Identify characteristics of healthy professional relationships. d. Define motivation, explain how individual needs motivate behavior, and identify ways managers can motivate employees. e. Explain the relationship between motivation and performance. f. Identify different types of conflict that commonly occur in the workplace and demonstrate how to manage conflict. 7. Research potential college and career opportunities in management. DOK1 Unit 4: Human Resources Competencies and Suggested Objectives 1. Describe human resource functions and their importance to business success. DOK1 a. Define human resources. b. Identify the functions of human resource management including planning, recruiting, employee development, performance assessment, compensation, termination/transition, and labor relations. c. Understand how human resource activities and policies relate to operational and strategic planning. d. Explain the recruitment function and identify selection tools and explain how they are used (e.g., interviews, tests, reference checks, background checks, including social media). e. Explain the purpose of orientation and training in successful employee performance. f. Explain the purpose of employee performance assessments and explain how an employee’s performance is evaluated. g. Identify different components of employee compensation including salary, benefit packages, and incentive programs. h. Describe legal reasons for terminating employees and the documentation process involved in ensuring legality of employee termination or transition. i. Explain human resource managers’ roles in individual labor contracts and collective bargaining with organized labor. 2. Examine laws pertaining to employment. DOK2 a. Identify U.S. laws and agencies related to employment law, including Title VII of the Civil Rights Act, Equal Employment Opportunity Act, Americans with Disabilities Act, Age Discrimination in Employment Act, Occupational Safety and Health Administration, and so forth. b. Describe how employment law has impacted the workplace (e.g., sexual harassment [quid pro quo & hostile work environment], protected classes, workers’ compensation claims, hazardous work environments, etc.). c. Identify groups who are considered protected classes under employment law. • Race • Ethnicity • Religion • Sex (including pregnancy, sexual orientation, or gender identity) • Age (40 or older) • Disability • Genetic information (including family medical history). 3. Research potential college and career opportunities in human resources. DOK1 Unit 5: Marketing and Customer Relations Competencies and Suggested Objectives 1. Understand the Marketing Concept. DOK1 a. Define marketing and Marketing Concept. b. Understand how the ability to identify and satisfy customer needs drives decision- making and business activities. c. Explain ways companies show concern for customers. d. Describe the factors that influence customer-business relationships (e.g., return policies, pricing, distribution, and advertising). e. Describe the role of marketing in building customer demand for goods and services. 2. Identify consumer characteristics, motivations, and behaviors. DOK1 a. Describe characteristics of the changing domestic and global populations (e.g., demographics, psychographics, and geography). b. Describe the impact of consumer differences (e.g., life stages, benefits sought, usage rate, brand loyalty, and socioeconomic characteristics) on buying decisions. c. Describe how customer perceptions and impressions of a physical or virtual business impact purchase behavior. d. Define market segmentation and how companies can group consumers using characteristics, motivations, and behaviors to identify target markets. 3. Describe the basic elements of the marketing mix. DOK1 a. Identify concepts related to product as a part of the marketing mix (e.g., product classification, new product development, branding, packaging, product life cycle). b. Identify concepts related to place as a part of the marketing mix (e.g., distribution channels, wholesale/retail, brick-and-mortar vs. e-commerce, etc.). c. Identify concepts related to price as a part of the marketing mix (cost, quality, brand loyalty, pricing strategies, normal vs. luxury goods, etc.). d. Identify concepts related to promotion as a part of the marketing mix (advertising, sales promotion, public relations, and personal selling). 4. Understand the purpose of customer satisfaction and the importance of community as it relates to satisfied customers. DOK1 a. Determine the importance of customers as an asset for a business. b. Identify concepts related to the importance of community relations (i.e., local school support, sponsorships of sports teams, etc.). 5. Describe the legal considerations in product development. DOK1 a. Intellectual property b. Consumer protection c. Environmental regulation 6. Research potential college and career opportunities in marketing. DOK1 Unit 6: Accounting and Finance Competencies and Suggested Objectives 1. Describe basic record-keeping principles. DOK1 a. Discuss the purpose of keeping records and why financial records are necessary for future business decisions. b. Define terms associated with keeping financial records. • Accounting • Bookkeeping • Cash versus accrual accounting • Income, expenses • Assets, liabilities, equity • Depreciation c. Differentiate between accounting and bookkeeping. d. Describe the accounting cycle (i.e., calendar and fiscal year). 2. Understand basic inventory principles. DOK2 a. Describe the uses of an inventory. b. Distinguish between liquid assets, consumable supplies, capital, and noncapital assets. c. Determine when to inventory (i.e., calendar or fiscal year). d. Define depreciation on capital goods. e. Define terms associated with depreciation, including write-off, capital goods, salvage value, and useful life. 3. Examine a balance sheet (i.e., net worth statement). DOK2 a. Identify the purpose of a balance sheet and determine how it is used. b. Identify assets, liabilities, and equity. c. Calculate the net worth of a business using a balance sheet. 4. Examine an income statement. DOK2 a. Differentiate between operating expenses, operating income, and revenue. b. Calculate profit or loss using an income statement. 5. Examine a statement of cash flow. DOK2 a. Identify the three categories found on a statement of cash flow (i.e., operating, investing, and financing). b. Interpret a statement of cash flow. 6. Research potential college and career opportunities in accounting and finance. DOK1 Unit 7: Professional Development Competencies and Suggested Objectives 1. Explain the importance of developing human capital in the high school setting to build professional skills. DOK1 a. Business courses available at school b. Clubs and organizations c. Mentors, job shadowing, and so forth d. Informal, online educational instruction for self-teaching (e.g., YouTube, Pinterest, etc.) 2. Explain the purpose and importance of continuing education. DOK1 a. Describe the benefits of lifelong learning. b. Identify avenues for continuing education for professionals in various fields. 3. Apply communication skills to common practices in the business environment. DOK2 a. Employment-related communication skills (e.g., résumé, cover letter, thank-you letter, resignation letter, interview [as interviewee and interviewer], etc.). b. Workplace-related communication skills (email and telephone etiquette, interoffice memos, interpersonal communication, non-verbal communication, cell phone use/etiquette, active listening skills, etc.). c. Evaluate inappropriate communications related to various workplace scenarios (e.g., social media, free speech, etc.). 4. Understand cultural differences that exist and affect communications and professional interactions. DOK2