Introduction to Business Chapter 5 Business in Our Economy

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 Ownershipidentify 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 Relationshipsanalyze
  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.

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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.

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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

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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).

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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).

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Homework

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