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Requirement #1: |
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Do the following: |
Explain four features of the free enterprise system in the United States. Tell its benefits and responsibilities. Describe the difference
between freedom and license. Tell how the Scout Oath and Law apply to business and free enterprise.
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Helpful Information and Links: |
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Free Enterprise |
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 Free Enterprise is defined as the freedom
of private business to operate competitively for profit with minimal government regulations.
The free enterprise movement started in the 1700s, when many individuals were restricted from starting and owning their own business without the permission of the government. The movement looked to reduce ownership and other related
restrictions, such as how one should operate their business and who they were allowed to trade with.
Over time, the focus of this movement has shifted. A lot of its causes have been incorporated in most free-market systems. In the U.S. free enterprise advocates continue to fight for fewer restrictions along with fighting against
any new developments that would restrict free enterprise. |
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Read and learn more about free enterprise or try
this free enterprise link, also for a very in depth resource check out
this link about free enterprise. |
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Freedom vs. License |
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Think about freedom vs. license. Remember it like this. . . you have the a license to drive, but you have the freedom of religion. Freedom is one of those things that is given to you as a right when you are born. License
is something that a governing body gives you. |
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Describe the Industrial Revolution. Tell about the major developments that marked the start of the modern industrial era in the United States.
Tell about five people who had a great influence on business or industry in the United States. Tell what each did.
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Helpful Information and Links: |
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Industrial Revolution |
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There are numerous web sites that give great insight and explanations to help you understand the Industrial Revolution. Listed here are just some you may choose
to review: |
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Industrial Revolution
- from Academic Kids Encyclopedia |
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Industrial Revolution
- from Wikipedia |
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History
of the Industrial Revolution
- from History World |
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Introduction to the
Industrial Revolution
- from howstuffworks.com |
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Industrial Revolution
- from about.com |
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The Two Countries that Invented the Industrial
Revolution
- from emachinetool.com |
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Kid Info - Industrial
Revolution
- from kidinfo.com |
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Important Inventors of the Industrial Revolution |
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Great Inventors of the Industrial
Revolution |
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Inventor's Name |
Wikipedia |
Academic Kids |
About.com |
Answers.com |
other |
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Thomas Alva Edison |
click here |
click here |
click here |
click here |
click here
or click here |
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Samuel F.B. Morse |
click here |
click here |
click here |
click here |
click here
or click here |
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Alexander Graham Bell |
click here |
click here |
click here |
click here |
click here
or click here |
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Elias Howe |
click here |
click here |
click here |
click here |
click here or
click here |
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Cyrus McCormick |
click here |
click here |
click here |
click here |
click here
or click here |
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George Eastman |
click here |
click here |
click here |
click here |
click here
or click here |
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Charles Goodyear |
click here |
click here |
click here |
click here |
click here
or click here |
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Nikola Tesla |
click here |
click here |
click here |
click here |
click here
or click here |
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George Westinghouse |
click here |
click here |
click here |
click here |
click here
or click here |
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Dr Richard Gatling |
click here |
click here |
click here |
click here |
click here or
click here |
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James Watt |
click here |
click here |
click here |
click here |
click here or click here |
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Eli Whitney |
click here |
click here |
click here |
click here |
click here
or click here |
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Robert Fulton |
click here |
click here |
click here |
click here |
click here
or click here |
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Rudolf Diesel |
click here |
click here |
click here |
click here |
click here
or click here |
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Orville and Wilbur Wright |
click here |
click here |
click here |
click here |
click here
or click here |
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Henry Ford |
click here |
click here |
click here |
click here |
click here
or click here |
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George Washington Carver |
click here |
click here |
click here |
click here |
click here
or click here |
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Cyrus Field |
click here |
click here |
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click here |
click here |
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Requirement #2: |
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Do the following: |
Visit a bank. Talk with one of the officers or staff. Chart the organization of the bank. Show it's relationship with other banks,
business, and industry.
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Helpful Information and Links: |
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Banking |
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The chart below shows the sample of a bank's organizational chart. This sample should be used for reference purposes only and does not represent every bank.
Use the graphic as a guide to help build your own bank's organization chart and to complete the requirement. |
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The Banking System |
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Check out these links to gain a better understanding of the banking system |
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How Banks Work
- from howstuffworks.com |
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Bank
- from Wikipedia |
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A Guide to the National Banking System
- from occ.treas.gov |
Explain how changes in interest rates, taxes, and government spending affect the flow of money into or out of business and industry.
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Helpful Information and Links: |
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Interest Rates -
from Wikipedia Interest Rates -
from answers.com |
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How do interest rates affect
business - from answers.com |
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Tax - from Wikipedia |
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Government spending
- from Wikipedia |
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Explain how a proprietorship or partnership gets it's capital. Discuss and explain four ways a corporation gets its capital
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Helpful Information and Links: |
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Proprietorship vs. Partnership |
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The following links will help you understand the difference between a proprietorship and a partnership (as well as other categories of business types). It is
important to understand these business categorizations in order to complete this requirement. |
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Sole Proprietorship vs. Partnership vs.
Limited Liability Company (LLC) vs. Corporation vs. S-Corporation
- from residual-rewards.com |
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Choosing a Legal Business Structure
- from partners-in-business.com |
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LLC vs. Proprietorship:
Pros & Cons of Partnership & Proprietorship
- from morebusiness.com |
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Sole Proprietorship vs. Partnership - Which is Better?
- from setupdaycare.com |
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Choosing a Sole Proprietorship vs. a Partnership
- from jdsblog.com |
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Can a
sole proprietor manage a large corporation?
- from smallbusiness.yahoo.com |
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How companies acquire capital |
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Build your Business
- from wisconsin.gov |
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Search and Match Funding Sources
- from businessfinance.com |
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Traditional sources of capital
- from bluerockcapital.com |
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Stockholder's Equity
- from answers.com |
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How Start Up Capital works
- from howstuffworks.com |
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Explain the place of profit in business
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Helpful Information and Links: |
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The following links will help you formulate an answer for requirement 2d |
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Profit
- from answers.com |
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Profit
- from wikipedia.com |
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Putting Profit in it's place
- from workingethics.com |
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The Role of Profits
- from economics.gmu.edu |
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Name five kinds of insurance useful to business. Describe their purposes.
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Helpful Information and Links: |
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The following links will help you find answers to this requirement |
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Business Insurance
- from business.gov |
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The
Consumer's Guide to Small Business Insurance
- from vandykgroup.com |
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Business Insurance FAQs
- from trustedchoice.com |
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Business Insurance
- from erieinsruance.com |
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Requirement #3: |
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Do the following: |
Pick two or more stock from the financial pages of a newspaper. Request the annual report or prospectus from one of the companies by writing, or
visit its Web site (with your parent's permission) to view the annual report online. Explain how a company's annual report and prospectus can be used to help you manage your investments.
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Helpful Information and Links: |
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Stocks |
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How the Stock Market Works
- from Merrill Lynch |
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How to pick stocks
- from ehow.com |
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How to know which stocks to buy
- from ehow.com |
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Annual Reports / Prospectus |
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Prospectuses, Annual Reports, and other Documents
- from investorguide.com |
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Fundamental Analysis
- from investopedia.com |
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Guide to
Understanding Financial Reports
- from Merrill Lynch |
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How to read a Financial
Report
- from ehow.com |
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Pretend you have bought $1,000.00 worth of stock from the company you wrote to in requirement 3a. Explain how you "bought" the stocks.
Tell why you decided to "buy" stock in this company. Keep a weekly record for three months of the market value of your stocks. Show any dividends declared.
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Helpful Information and Links: |
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Excel Spreadsheet to assist in
tracking your Stock choices - (right click to download and save) |
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Requirement #4: |
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Do ONE of the following: |
Draw an organizational chart of a typical central labor council
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Helpful Information and Links: |
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Union Facts
- from aflcio.org |
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Sample AFL-CIO Organizational Chart |
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Describe automation, union shop, open shop, collective-bargaining agreements, shop steward, business agent, and union counselor
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Helpful Information and Links: |
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American Labor Studies Center Glossary |
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Teamster.org Glossary of Union Terms |
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Explain the part played by four federal or state agencies in labor relations
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Helpful Information and Links: |
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United States Department of Labor -
Labor Relations |
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ALRA - Association of Labor Relations Agencies |
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Requirement #5: |
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Run a small business involving a product or service for at least three months. First find out the need for it. For example, a newspaper route, lawn mowing, sales of things you have made or grown. Keep
records showing the costs, income, and profit or loss. |
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Helpful Information and Links: |
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A Kid's Guide to Starting a Very
Small Business
- from Merrill Lynch |
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Startup How-To Guides
- from Entreprenuer.com |
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TeachingKidsBusiness.com |
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United States Small Business Administration
- Small Business Planner |
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Report how service, friendliness, hard work, and salesmanship helped build your business
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Helpful Information and Links: |
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The benefits you and others received because you were in business.
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NOTE: Comparable 4-H, FFA, or Junior Achievement projects may be used for Requirement 5. |
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Helpful Information and Links: |
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Requirement #6: |
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Do ONE of the following: |
Make an oral presentation to your Scout troop about an e-commerce company. Tell about the benefits and pitfalls of doing business online, and
explain the differences between a retailer and an e-commerce company. In your presentation explain the similarities a retailer and an e-commerce company might share.
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Helpful Information and Links: |
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Choose three products from your local grocery store or mall and tell your merit badge counselor how the packaging could be improved upon so it has
less impact on the environment.
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Helpful Information and Links: |
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Gather information from news sources and books about a current business leader. Write a two-page biography about this person or make a short presentation to
your counselor. Focus on how this person became a successful business leader.
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Helpful Information and Links: |
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this page last reviewed and updated - January 2010 |
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Always read the Merit Badge pamphlet; this is not an option that is
acceptable to skip. As a part of earning ANY merit badge in Boy Scouts you must read the appropriate Merit Badge pamphlet. Merit Badge Pamphlets are available from your Scout Troop Librarian or purchased at your local Scout store.