Daily Information – 9/21 Objectives: 1. Identify two ways a nation measures its economic growth and prosperity. 2. Describe the benefits of business ownership. Warm Up: List 5 benefits to business ownership. Agenda: 1.Warm Up 2.Individual notes

Individual Activity 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 2

Individual Activity Read through the PowerPoint slides in the Webdesign folder(History of Business) Create a timeline to help you remember this information for the chapter 1 quiz (while not all the slides have dates, the information is listed in chronological order so this can be done)

Business Ownership What are the risks involved with owning your own business?? List them here.

Chapter Review Answer the following: 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. This is what you will learn today:  6. Describe the benefits of business ownership.

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? Answer this question.

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 – explain how this can decrease well-being  Unemployment – explain how this can decrease well-being

COUNTRIES WITH LARGEST GDPs On page 15 of your textbook ***Be sure to know this for the quiz.

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 that you can now use to make your business successful. What are some examples of franchises? Answer this.

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? Answer this question.

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