20–30% of the AP exam. Key topics: What Is a Business? (value creation, for-profit vs. non-profit), Markets and Competitive Advantage (differentiation, cost leadership), PESTEL Factors and the Business Environment (political, economic, social, technological, environmental, legal), Market opportunity identification and entrepreneurial thinking, Vision and mission statements, Business Ethics (stakeholder considerations, ethical decision-making), Organization, Roles, and Responsibilities (business structures: sole proprietorship, partnership, LLC, corporation; organizational hierarchy), Supply Chains (upstream/downstream relationships, value chain), SWOT Analysis (internal strengths/weaknesses vs. external opportunities/threats), Types of markets (monopoly, oligopoly, perfect competition), Risk in business (operational, financial, strategic), Business Canvas Project milestone: customer problem/need identification, preliminary product idea, vision and mission statements.
Study guide content for this unit is being prepared. Check back soon for complete lesson notes, formula sheets, and worked examples.
