Do Now! State: 5 Reasons why a business may want to exist The 3 types of Business Activity (Sectors of Industry)

2.1.2 Business activity – why and how businesses start, succeed and/or Fail Lesson Objectives Define Key Terms Identify possible reasons why a business starts Identify types of activity a business may become involved in Explain possible changes in the external environment that can impact on these activities Evaluate the consequences of these changes in the external environment to business activity Answer exam questions on the topic

Key Concepts: 5 Reasons why a business may want to exist: __________________ The 3 types of Business Activity are: P_________. These businesses e_________ r____ m_________ from the earth S_________. These businesses m____/m_________ products using r___ m_______ from the P_______ S______ T_________. These businesses s_______ finished goods or p_______ a s_________. 2 possible impacts on a business of a reduction in consumer spending might be: Impact 1: _________________________________________________________________________ Impact 2: _________________________________________________________________________2 possible impacts on a business of a new competitor in the market might be: Impact 2: _________________________________________________________________________  

In the exam… Types of exam questions “Using the business information above, state the business activity of Business A” 1 mark “Why might Business A exist?” 1 mark “Explain 2 consequences to Business A of a decrease in the level of consumer spending” 4 marks “Explain 2 consequences to Business A of new competitor entering the market” 4 marks “Evaluate whether a change in consumer spending or a new competitor entering the market will have a bigger impact on Business A” 10 marks SKILLS I NEED IN THE EXAM: Recommend with adv/dis for EVERY organisational structure Explain why some business will want to change structure

Plenary Lesson Objectives Define Key Terms Identify possible reasons why a business starts Identify types of activity a business may become involved in Explain possible changes in the external environment that can impact on these activities Evaluate the consequences of these changes in the external environment to business activity Answer exam questions on the topic