Daily Information 9/9/13 Objectives: 1. List and explain the three major business activities. 2. Describe the general types of businesses. Agenda: Warm Up Ch 1, Sec 2 vocab. Nature of business P.P. Group review EBay activity Bottom Line Warm Up: Think about the businesses you interacted with over the summer. What activities did they provide to you? **List five examples

Business and Profit Business: Profit: an organization that produces or distributes a good or service for profit Profit: difference between earned income and costs

Why do businesses exist? Businesses work for customers Customers buy goods and services Goods: clothes, computers, sporting goods (tangible) Services: dentist office, restaurant, auto shop (intangible) Businesses work hard to provide goods and services needed by consumers …..WHY? To make a profit and succeed.

Business Activities: Production, Marketing, Finance Making a product or providing a service Manufacturing firms create products for customers Service firms use skills of employees to offer activities/assistance to customers We live in a service society (service firms exceed manufacturing firms) …..WHY? The economy has become more information and service based

Business Activities: Production, Marketing, Finance Activities between business and customer involved in buying and selling goods and services. What does this mean? The connection between business and customers The communication link

Business Activities: Production, Marketing, Finance All money matters in running a business

Name the Business Activity The way most businesses let consumers know about their products is through… MARKETING

Name the Business Activity The business activity that ensures the business will have goods to sell… PRODUCTION

Name the Business Activity Netflicks wants to borrow cash in order to enlarge the business. The company's efforts to obtain funds are part of the business activity of… FINANCE

Business Activities: List Examples Production Marketing Finance

How is Price Determined? Based on the law of supply and demand Supply: # of items that you have to sell (Assuming similar products, price, time) Demand: # of items that will be bought

Types of Businesses: Industrial & Commerical Industrial businesses Produce goods used by other businesses to make things Examples: Companies that mine coal or ore Companies that extract oil and gas from the earth Companies that construct buildings, build bridges Farmers

Types of Businesses: Industrial & Commercial Commercial businesses Engaged in marketing, finance, and providing services Service business – a type of commercial business that uses labor to offer intangible products. Examples: Commercial businesses: Forever 21, H&M, Old Navy Service businesses: dog walking, car wash, Applebee's

Industry All businesses within a category doing similar work Examples: Publishing Automotive Health

Group Activity Work in your base groups to complete the following questions in the textbook: Both checkpoints on page 5 Page 22, 23, & 24 Questions: 1,2,5,6,10,12,15,16,23,25

EBay Activity In your groups, read the information provided and answer the questions. Each group must turn in one answer sheet with all names listed.

Bottom Line Objectives: 1. List and explain the three major business activities. 2. Describe the general types of businesses.

Daily Information – 9/11/12 Objectives: Warm Up: Agenda: 1. Describe how innovations affect business. 2. Discuss ways in which businesses can improve their business practices. Warm Up: Place your materials for this class on your desk and think about when you were at the store buying them. List all options that were available to you when looking at the variety of items. Agenda: Warm-Up. 9/9 Review Ch1, Sec2 vocab. Changes affecting businesses P.P. Past Innovations Group activity Bottom Line

9/9 Review Objectives: 1. List and explain the three major business activities. 2. Describe the general types of businesses.

Characteristic of Business Business is always changing! A business must be able to act quickly to the changing nature of society Too many businesses react slowly or not at all to societal changes resulting in failure

History of Business Over the past half-century, other countries have become more industrialized They learned how to invent and produce new products at a cheaper price than American Companies. Americans now purchase foreign products In an effort to keep up with the changing demands of society, American businesses needed to refocus their goals!

Changes Affecting Businesses: Innovation, Global Competition, Focus Impact of global competition Focusing on the right things Achieving effectiveness: making the right decisions about products or services to offer and the best ways to produce and deliver them Achieving efficiency: producing products and services quickly, at low cost, without wasting time and materials “A business can be very efficient but completely ineffective.”

Ways Innovation Affects Business The kinds of products and services offered for sale Example: clothing synthetic fibers more choices for the customer. Business Operations First computer changed the way we do business goodbye typewriters (the internet changed communication between businesses and the customer.)

Impact of Global Competition Other countries became more industrialized, i.e. learned how to invent and produce new products at a cheaper cost (new designs). U.S. goal Use abundant resources of the U.S. Use the talent of their managers and employees.

Focus: EFFECTIVENESS Offer high-quality goods and services Know what the customer wants (choices, product guarantees, customer loyalty programs) Example: what kind of athletic shoes will best satisfy the needs of a runner vs. a basketball player.

Focus: EFFICIENCY Efficiency is achieved in three ways: Specialization of effort Employees become experts on specific tasks Better technology and innovation Faster, cost effective, better quality Reorganization of work activities Employee empowerment (ask employees how to improve the work performed), reduce steps

Past Innovations In your groups review the listing of past innovations.

Group Activity Get into your groups Review of efficiency vs. effectiveness information Two students in each group focus on identifying efficient and effective ways to improve learning within the classroom. Two students in each group focus on identifying efficient and effective ways to improve the way a school cafeteria is run. Review the listing as a group. You may have to move some items from one list to another. Turn in your final group listing.

Bottom Line Objectives: 1. Describe how innovations affect business. 2. Discuss ways in which businesses can improve their business practices.

List 5 benefits to business ownership. Daily Information – 9/12/12 Objectives: Warm Up: List 5 benefits to business ownership. Agenda: Warm Up 9/11 Review Complete efficiency vs. effectiveness activity in groups Group review 1. Discuss ways in which businesses can improve their business practices.

9/11 Review Objectives: 1. Describe how innovations affect business. 2. Discuss ways in which businesses can improve their business practices.

Efficiency vs. Effectiveness Review the class listing for each category (classroom learning and managing a school cafeteria) and answer the follow up questions.

Daily Information – 9/13/12 Objectives: Warm Up: 1. Are there any risks? Think of reasons why business ownership would be risky. Agenda: Warm Up Review of chapter Group Activity Business benefits P.P. The “Google” Life video 1. Identify two ways a nation measures its economic growth and prosperity. 2. Describe the benefits of business ownership.

Chapter Review 1. List and explain the three major business activities. 2. Describe the general types of businesses. 3. Describe how innovations affect business. 4. Discuss ways in which businesses can improve their business practices. 6. Describe the benefits of business ownership.

Group Activity Work in your base groups to complete the following questions in the textbook: Checkpoints on pages: 7, 8, and 11 Page 22, 23, & 24 Questions: 3,4,7,8,9,14,17,18,19,20,24,26,27

Measurements: Growth and Prosperity How can you measure a nation’s economic wealth? 1. GDP: gross domestic product 2. Individual Well-Being

GDP: Gross Domestic Product Total market value of goods and services produced in a country How does the government collect the data for GDP? Taxes paid by businesses for products and services What are some products or services that are not taxed or tracked by the government?

Individual Well-Being Increased income = Increased level of living Self-Improvement, i.e. education and training Exercise Personal Care Products Savings What are some ways in which individual well-being can decrease? Poverty Unemployment

COUNTRIES WITH LARGEST GDPs On page 15 of your textbook

Business Ownership Successful growth of business in the U.S. has resulted from: Strong desire to own your own business (small businesses) The ease in with which a business can be started (franchises)

Franchise A legal agreement to purchase the right to sell a company’s product or service under the company’s name and trademark. Benefits Assistance in selecting location Tested policies and procedures What are some examples of franchises?

Risk and Obligations of Ownership Risks of ownership: success or failure 1 out of every 5 businesses close within 3 years Obligations of ownership: responsibility to the community in which it operates (customers, employees, management, competitors, investors, the public) Owe money to other businesses

INTRAPRENEURSHIP An employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service How can this benefit both the employee and the company?

The Google Life (Video)

Daily Information – 9/17/12 Objectives: Describe the nature of business. List the changes affecting business. Describe the benefits of business ownership. Warm Up: What is one topic that we learned in this chapter that you feel is the most important topic in the success of managing a business? Agenda: Warm Up Case 1-1: Staying Competitive Ch.1 study guide Review study guide

Individual Activity Page 25: Read case 1-1 and answer questions 1-4

Daily Information – 9/18/12 Objectives: Describe the nature of business. List the changes affecting business. Describe the benefits of business ownership. Warm Up: Take out your study guides, quiz today! Agenda: Warm Up Ch.1 Quiz Library