daily information – 9/21 objectives: 1. identify two ways a nation measures its economic growth...
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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 Up2. Individual notes
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Individual Activity
Checkpoints on pages: 7, 8, and 11
Page 22, 23, & 24Questions: 3,4,7,8,9,14,17,18,19,20,24,26,27
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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)
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Business Ownership
• What are the risks involved with owning your own business?? List them here.
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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.
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Measurements: Growth and Prosperity
• How can you measure a nation’s economic wealth?
1. GDP: gross domestic product
2. Individual Well-Being
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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.
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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-beingUnemployment – explain how this can decrease well-being
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COUNTRIES WITH LARGEST GDPs
0
2
4
6
8
10
12
14
Italy
France UK
Germany
India
Japan
China
EU U.S.
GDP in trillions
On page 15 of your textbook
***Be sure to know this for the quiz.
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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)
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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.
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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
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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.
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Individual Activity
Page 25: Read case 1-1 and answer questions 1-4