American Business

You can find a list of counselers for this merit badge on the following page: American Business Counselor List

American Business Merit Badge Patch
1.
Do the following:
(a)
Explain four features of the free enterprise system in the United States.Describe the difference between freedom and license. Tell how the Scout Oathand Scout Law apply to business and free enterprise.
(b)
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.
(c)
Identify and describe to your counselor the five primary areas of business.
(d)
Explain the history of labor unions in the United States and the importance oflabor unions and employers working together. Identify two major labor unionscurrently in existence.
(e)
Discuss with your counselor how business impacts the local, national, andglobal economy.
2.
Do the following:
(a)
Explain the three basic types of financial statements (income statement,balance sheet, and statement of cash flows). Discuss with your counselor howeach statement can help business leaders make better decisions.
(b)
Explain how changes in interest rates, taxes, and government spending affect the flow of money into or out of business and industry.
(c)
Explain how a sole proprietorship or partnership gets its capital. Discussand explain four ways a corporation obtains capital.
(d)
Name five kinds of insurance useful to business. Describe their purposes.
3.
Do the following:
(a)
Explain the place of profit in business.
(b)
Pretend you have bought $1,000 worth of the stocks 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.
(c)
Explain how ethics plays a role in business decision making.
(d)
Discuss the differences between operating a brick-and-mortar businessversus an online business.
4.
Describe the role of the U.S. Department of Labor. Discuss two of thefollowing topics with your counselor:
  1. Fair Labor Standards Act (FLSA)
  2. Occupational Safety and Health Act (OSHA)
  3. Family and Medical Leave Act (FMLA)
  4. Employee Retirement Income Security Act (ERISA)
5.
Choose a business and research how it applies each of the primary areas ofbusiness (accounting, finance, economics, marketing, and management). Sharewhat you have learned with your counselor.
6.
Do ONE of the following:
(a)
Choose one of the primary areas of business and identify three careeropportunities. Select one and research the education, training, and experiencerequired for this career. Discuss this with your counselor and explain why thisinterests you.
(b)
Select a business leader and interview this individual to learn more abouthis or her company and career path. Discuss the role ethics plays in makingbusiness decisions. Share what you have learned with your counselor.

Current requirements are available at American Business Merit Badge Requirements

Eagle RequirementNo
CategoryBusiness and Industry
Requirements Date2019
Current Pamphlet Number35850
Current Pamphlet SKU637682
Current Pamphlet Copyright Date2013
Additional Formats
BSA Requirement Date2013
BSA Requirement PDFAmerican Business Merit Badge Requirements