Week March 2, 2015 – March 6, 2015 DECA NEWS: ARE YOU OFFICER MATERIAL? Get your Officer Intent form Today! You Help is NEEDED! Sign up to volunteer at the Home & Garden Show at KGHS this weekend! Sign up for Meet In the Middle and Relay for Life Team, too! Movie Night– Thursday! Meet at Paragon at 5pm! Due This Week: Unit 2 Vocabulary & Assess for Understanding due THURSDAY Abstract #2 Due FRIDAY UNIT 2 TEST FRIDAY

 Early Work: What is an ECONOMY?  Today’s Objective: Understanding EconomicsUnderstanding Economics  Activities  Vocabulary - & Assess for Understanding – due Thursday! Vocabulary  Unit 2 introduction - Economics  Chapter 3 – PowerPoint & Notes  Essential Questions – How will you invest the money you have saved?  What is an Economy?  Understanding the Economy  Worksheet on Economic Risks & Rewards  Homework: Prepare for Test Friday - Vocabulary ☞ Point of the Day: Different Economies have different amounts of economic resources. Attitude is always a “player” on your team. Magic Monday Morning – Manners Moment

 Early Work: What are the four (4) Factors of Production?  Today’s Objective: Understanding EconomicsUnderstanding Economics  Activities  Vocabulary & Reviews – Complete in your composition book – due Thurs. Vocabulary  Unit 2 introduction - Economics  Chapter 3 – PowerPoint & Notes  What is an Economy?  Understanding the Economy  Case Studies (67) & Role play (81)  Chapter 4 – PowerPoint & Notes  International Trade  Global Marketplace  Worksheet on Globalization  Homework: Read Chapters 3 & 4 – study for test Friday ☞ Point of the Day: An Economy is the organized way a nation provides for the needs and wants of its people. Attitudes have the power to lift up or tear down a team. Tough Tuesday – Name that Company

 Early Work: What are the eight (8) economic measures that determine a nation’s economic strength?  Today’s Objective: Understanding EconomicsUnderstanding Economics  Activities  Vocabulary & Review Due Thursday – test Friday!  Chapter 4 – PowerPoint & Notes  International Trade  Global Marketplace  The Story of Three Economies  Teams assigned– Develop your country – See Handout  Be prepared to present at end of class  Homework: Read Chapters 3 & 4 – study for test Friday ☞ Point of the Day: The three questions that define an economy are what will be produced, when it will be produced, and for whom will it be produced? An attitude compounds when exposed to others. Wicked Work Wear Wednesday & Role Play Day!

 Early Work: Newspaper Day – The Free Lance Star What is the difference between and Absolute and a Comparative Advantage?  Today’s Objective: Understanding EconomicsUnderstanding Economics  Activities  Vocabulary & Review Check off at start of class  Further discussion of Unit 2 – Questions? Comments?  COW in the Room  Group Assignment – Global/Custom – and present  Individual Assignment: Complete & Turn in  Page 80, #13, 14, 16  Page 104, #12, 13, 15  Homework: Read Chapters 3 & 4 – study for test Friday ☞ Point of the Day: International trade in necessary because of the interdependence of nations and it benefits consumers, producers, workers, and nations in different ways. Bad attitudes compound faster than good ones. Thundering Thursday – Share a Weird Fact today!

 Early Work: What is the difference between globalization, adaptation, and customization?  Today’s Objective: Understanding EconomicsUnderstanding Economics  Activities  Unit 2 Test – Please complete and turn in to teacher. You may use your note packet – Turn Note Packet in with test for credit!  Journal – “Why I enjoy living in a Capitalistic nation OR maybe something else would be better?”  Case Study pg 87 & Role Play pg 105 – read, review, & summarize your ideas and answers. Turn in to teacher.  Homework: None for today – have a great weekend! ☞ Point of the Day: Businesses can get involved in international trade through importing, exporting, licensing, contract manufacturing, joint ventures, and foreign direct investments Rotten attitudes, left alone, ruin everything! Foxes Friday - The Week’s Wrap-Up & Good News!

 Economy  Resources  Factors of Production  Infrastructure  Entrepreneurship  Scarcity  Traditional Economy  Market Economy  Command Economy  Productivity  Gross Domestic Product  Gross National Product  Inflation  Consumer Price Index  Producer Price Index  Business Cycle  Expansion  Recession  Depression  Recovery  International trade  Imports  Exports  Absolute Advantage  Comparative Advantage  Balance of trade  Free trade  Tariff  Quota  Embargo  Protectionism  WTO  NAFTA  EU  Licensing  Contract manufacturing  Joint venture  FDI  Multinationals  Mini-nationals  Globalization  Adaptation  Customiz ation Assess for Understanding– Pg 79 - #2- 9& Pg #2-9– due THURSDAY!

 Understanding Economics in Organizations  Investigate the nature of economics, economic activities, and economic resources.  Describe the effects of competition in for profit and not- for-profit organizations.  Describe the relationship between supply and demand and its effect on price.  Compare different types of business ownership.  Explain the role of profit in private enterprise.  Explain the effects of economic change on business and employment.  Analyze the role of government in business and the economy  Compare and contrast the economic systems. CTE Competencies Linked to SOLs

Unit 2 discusses some of the most basic principles of economic and political systems. Today, business is becoming increasingly international. What a country makes, when it makes it, and for whom these products are made help us understand the economies of the nations in our world. In the United States, the Free Enterprise System of Capitalism rules the way we do business with the focus always on the customer’s wants and needs.

Wednesday– The Story of 3 Economies Capitalism – Socialism – Communism You are the leaders of a small developing country of your assigned economy. You have the natural resources of fresh water and natural gas. Your major agricultural products are corn, soybeans, and citrus fruits. 1/3 of the population lives well, the rest live in poverty. Use your economic system to make decisions on what to produce, how to produce it, and how to distribute what is produced. Come up with a name for your country, on what continent it is located, the type of land. Draw it out and color, showing land area and uses on paper provided and be ready to present to class. Thursday– Change to Suit & How? Your team has been asked to determine how to adapt your products to the countries that these products are being exported to. Referring to the information you have learned in Chapter 4, describe how each product – with a focus on all UTILITIES – will be globalized/adapted/customized to excite the world market. Using the paper provided, write an opening statement about each product, then diagram how each utility of the product will be globalized/adapted/customized for the foreign customer. Color your diagram and be ready to present to the class. (ipad*Campbell’s soup*Ford Focus*Carhart coat*Okabashi)

11. Which of the following are elements that appear in the heading of a memorandum: A. Company, to, subject, and date C. Date, title, to, and company B. To, title, from, and date D. To, from, date, and subject 12. Before sending a professional message to a business associate, a business person should A. code the message's importance as "high priority." B. proofread the message for spelling and grammatical errors. C. make sure that the message is typed in capital letters. D. insert a vague statement in the message subject line. 13. Which of the following is a type of simple written report that usually is distributed to employees within a business: A. Proposal B. Memorandum C. Handbook D. Newsletter 14. Which of the following is a guideline for employees to use in communicating with coworkers: A.Be sure to share rumors and gossip with their coworkers B.Feel free to express their complaints about their jobs C.Think about what they want to say before they say it D.Use a direct approach in speaking to an angry coworker 15. What might result if a business fails to maintain positive customer/client relations? A.Decrease in sales C. Loss of advertisers B.Reduction in assetsD. Lowering of goals

SITUATION: You are to assume the role of an applicant for a summer internship at the law firm of BLACK AND BLACK, an organization dedicated to helping businesses. You have submitted your résumé and have been invited in for a face-to-face interview with the managing partner. This interview will be used to measure your knowledge and understanding of an aspect of business and business law. The managing partner wants to make sure you understand the different types of business ownership and basic business law before you are offered the internship. In the first part of your interview, you will explain the different types of business ownership. You will also need to address the additional performance indicators listed. Following your explanation, the managing partner will ask you to respond to additional questions. The interview will take place in the managing partner’s office. The managing partner will begin the interview by greeting you and asking to hear your ideas on business ownership and business law. After you have provided your explanation and have answered the managing partner’s questions, the managing partner will conclude the interview by thanking you for your presentation. PERFORMANCE INDICATORS 1. Explain types of business ownership. 2. Describe the nature of legally binding contracts. 3. Identify the basic torts relating to business enterprises. 4. Describe legal issues affecting businesses. Questions: 1. Why are contracts important in business? 2. How can businesses protect themselves from torts?