1. Manufacturing lesson 7

2. Marketing the Product
For a business to be successful, you MUST have a successful product.
There are four determiners to make sure your product is successful:
Product --- Do people want/need what your making
Price --- Is the product affordable
Promotion --- Do people know about it
Place --- Where will you sell it
If your product fails to meet any of those four determiners there is a
good chance your business will fail.

3. Manufacturing and Free Enterprise
Free Enterprise: Private Individuals and Corporations NOT the Government control businesses and production with the goal of making a profit.
Entrepreneurship: An individual who owns a business with the goal of making a profit.
Capital: Money
Profit: Money left over after ALL expenses have been paid. Ie: Workers Wages, Building and Utility Costs, Materials, Equipment, Repairs, Shipping etc

4. Obtaining Capital
The beginning stages of starting a business can be extremely expensive, so entrepreneurs have a couple options to finance their startup business. Loan: Borrowing money from a bank or credit union on the condition that the money will be paid back with interest. Stock: Selling small parts of the company to investors.

5. Loans Vs. Stocks Loan: Monthly Payment Must pay interest on the Money
If your business fails you still must pay back the money
Stock:
You lose some portion of your company. If you sell too much stock you will no longer control the majority of the company.
No interest to be paid back
If your business fails your investors lose their money, but you have nothing to pay back to them

6. Employment
Skilled Occupation --- Workers have specialized training in a specific area of production or maintenance. They would have received this training through an apprenticeship, or by attending a trade and technical school.
Unskilled Occupation --- Workers do not have any specific training, or specialized skills.
Apprenticeship --- A skilled worker trains an unskilled worker the details and skills of a specific trade. Qui Gon Jinn trains Obi Won Kenobi, who in turn trains Anakin Skywalker…Then finally gets it right with Luke Skywalker.
On the job training --- Unskilled, easily learned tasks are taught to workers on the job site.
Associate Degree year degree earned from a trade school, college or university.
Bachelor Degree year degree earned from a university

7. What employment means to you
Each day there becomes less of a need for unskilled workers in EVERY trade, and more of a need for skilled workers! Humans are being replaced by automated machines for easily learned tasks. So be smart, and do well in School!