• Text: Chapters 1 and 3; Handouts:
  • Business Survey;
  • Maslow's Hierarchy of Needs;
  • Class notes re. business, goods, services, luxuries and essentials;
  • Needs Vs Wants - Assessment Sheet;
  • Decision-Making Process;
  • Anatomy of a Marketplace.

  Lesson Plans:
  • Lesson #3(A)
  • Lesson #5
  • Lesson #6

To successfully complete the upcoming unit test, the student must be able to perform the following cognitive tasks:

Concepts associated with chapter #1:

• Describe what is meant by the term "business."

• Differentiate between "needs" and "wants."

• Differentiate between "essentials" and "luxuries."

• Outline and explain Maslow's hierarchy of needs.

• Explain what is meant by "specialization of businesses" and describe the benefits derived from such specialization.

• Describe what is meant by our "interdependent society" and describe the advantages and risks associated with this interdependence.

• Define, and explain the significance of, information technology. Outline specific examples of how this technology influences the world of business.

• Differentiate between "producers" and "consumers."

• Define and explain the following terms from your textbook:
  obsolete, demand, supply, price, profit, and breaking even.

  Concepts associated with chapter #3:
  • Identify and describe the following three forms of business organization:
    • sole proprietorship;
    • partnership;
    • corporation;

  • Outline and explain advantages and disadvantages associated with each of the above forms of business organization.

  • Explain what is meant by "limited liability," or "unlimited liability."

  • Explain what is meant by "dividend."

  • Explain what is meant by "capital."

  • Explain what is meant by "creditors."

  • Know and understand the following terms related to the corporate structure:
    • stock or share;
    • stockholder or shareholder;
    • board of directors
    • executive

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