1. WARMUP 4/14/16 In your notebook, answer the following questions in 3-5 complete sentences each. What might be the benefit of owning your own business? Some benefits to owning your own business is … What might be the negative aspects to owning your own business? The negative aspects to owning your own business is …

2.  Learning Target: We will analyze the impact of national and international markets and events on the production of goods and services in Texas such as agriculture, oil and gas, and computer technology  Language Objective: We will compare the impact of economic concepts within the free enterprise system such as supply and demand, profit, government regulation, and world competition on the economy of Texas  Success Criteria: I will create a free enterprise shoe company and fight to keep my company alive with different business situations.

3. Business  The sole owner, partnership, or corporation that creates and sells a product or service.

4. Product  Something produced by humans or machines or natural process. Lemonade Athletic Shoes Maple Syrup

5. Service  Work done by others for others. Haircut Auto Repair

6. Revenue  Money a company receives from selling a product or service.

7. Expense  A cost associated with operating a business.

8. Profit  Money gained after expenses have been paid.

9. Salary  Money paid to someone for the work they do.

10. Loss  Expenses exceed the revenues.

11. Profit Equation  Revenue – Expenses = Profit or Loss

12. What is an entrepreneur?  An entrepreneur is a person who organizes and manages a business, assuming the risk for the sake of profit.  An entrepreneur sees an opportunity, makes a plan, starts the business, manages the business and hopefully receives the profits.

13. Entrepreneurial Cycle Manufacturing MarketingSales Design

14. Advertising  The activity of attracting public attention to a product or business. What are some good advertisements you’ve seen?

15. Marketing  The activities involved in promoting a company, product or service.

16. What Makes A Good Company?  Make quality products or services.  Provide a healthy working environment.  Treat employees well.  Benefit community.  Support community efforts (schools, parks, etc.)  Demonstrate good business ethics (honesty, rules, standards, etc.)

18. Shoe Business  Your group will design a new shoe that will be displayed and sold at your store  Your goal is to have the most students in the class buy your shoe  You will have one presenter that will describe the shoe and persuade students to buy it.  After the sales promo, each student will get a sticky note and place it on the shoe they would buy.  The shoe with the most votes in the class will win