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Introduction to Business Chapter 5 Business in Our Economy

Introduction to Business Chapter 5 Business in Our Economy . Essential Question: How do the functions of business support our economy?. Standards Addressed: .

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Introduction to Business Chapter 5 Business in Our Economy

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  1. Introduction to Business Chapter 5 Business in Our Economy Essential Question: How do the functions of business support our economy?

  2. Standards Addressed: • 1.2 Business Environment (C): Students will understand the development and structure of business environments. They will demonstrate competency by identifying the dynamic components of business structure and its relationship to the global business environment. • 1.2.3 Business Ownership–identify the major types of business organizations • 1.4 Economics and Financial Concepts (C): Students will understand the impact of global and domestic businesses, financial concepts, and integrated business models. They will demonstrate competency by using appropriate technology and other resources to solve business problems. • 1.4.1 Business/Financial Relationships–analyze the financial implications of various functions of a business and describe how they interrelate

  3. Chapter Objectives • Distinguish the four basic kinds of businesses. • Recognize seven kinds of activities performed by businesses. • Understand how jobs are created in our economy.

  4. Four Kinds of Businesses p.57 • Extractors. A business that grows products or takes raw materials from nature. • Manufacturers-A business that processes raw materials into products. • Processing-Changing the form of materials so they can be consumed or used to manufacture other products • Mass production-A large number of identical products are assembled using a continuous, efficient procedure. • Custom manufacturing-Building a specific and unique product to meet the needs of one customer • Marketers-A business involved with moving goods from producers to consumers. • Service Businesses-A business that does things for you instead of making or marketing products.

  5. Business Activities p. 60 • Generating Ideas • Raising Capital • Buying Goods and Services • Using Human Resources • Marketing Goods and Services • Producing Goods and Services • Keeping Records

  6. The Impact of New Businesses on a Community p.62 • New jobs are created when new businesses locate within the community. • Pays wages to employees. • Workers spend money at local businesses. • Businesses from whom goods and services were purchased spend money on wages, purchase more goods and services, and the cycle of growth continues (Virtuous Circle).

  7. Assignments • Do Now • 3/7 Calculate Business Data p. 65 #19 • 3/8 Calculate business data p.65 # 21 pen excel spreadsheet and calculate. • Workshop Discussion (Each person writes response in Microsoft Word.) • 3/7 Decision-making Strategies p. 65 #7 or 8 (Walk-through of workshop model). • 3/8 Communicate Business Concepts questions 9 p. 64 (One question assigned by teacher to the group).

  8. Homework • 10/4 Define Key Terms Develop your Business Language p. 65 • 10/5 Answer Review your reading questions 1-6 p.64

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