Business education is the foundation upon which students build an awareness of business and an understanding of business concepts. Business is the process by which individuals, organizations, and societies interact to improve their economic well-being through the exchange of products, services, and ideas. The ability to make individual decisions based on choice is essential to this process.

In British Columbia's enterprise system, there are four major questions to address:

• what to produce with our available resources
• how to produce goods and services
• how to distribute British Columbia's goods and services
• how to communicate and administer effectively the production and distribution of goods and services

The Business Education Kindergarten to Grade 12 curriculum addresses these questions by presenting a sequence of business concepts and skill development that responds to students' increasing sophistication, skill levels, and awareness of business within the home, school, community, and global marketplace. This curriculum supports students in their understanding of business both as an integrated field and as an integrating endeavour.

The Business Education 8 to 10 IRP provides a framework within which a variety of perspectives may be integrated including those of small business, corporate business, workers, labour unions, and entrepreneurs. The viewpoints of employees, consumers, and employers are also considered. High ethical and environmental standards for the workplace and for business and consumer practices are emphasized.

Key Terms

Throughout the Business Education 8 to 10 curriculum, several terms are used in reference to business. The descriptions below may help the reader understand these terms in the context of this IRP. They are not meant to be all-inclusive definitions. channels of distribution The procedures followed to get products to consumers. economic system A mechanism that helps determine decisions regarding what products and services will be produced, how they will be produced, and how they will be distributed. economic indicators Criteria used to inform judgments about the strength of an economy (e. g., gross national product, consumer price index, prime interest rate, gross national income, per-capita income). entrepreneurial activity The evaluation of opportunities and use of resources to meet opportunities by bringing together factors of productionăland, labour, capital, and entrepreneurship. marketing mix The combination of product, price, promotion, and place to satisfy a particular target market. opportunity cost The cost of a choice, expressed in terms of what could have been acquired. overhead All related costs not directly attributable to a product or service. product development A process in which people generate, review, and evaluate ideas, prepare prototypes, conduct market tests, and mass-produce products. product value The result of additional resources added to a product or service. promotional mix A combination of advertising, personal selling, sales promotion, in-store displays and decor, and publicity that is consistent with the image of a product. Promotional mix is used to make a product or service appeal to the target market.

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