• Text: Chapters 1 and 3;
• 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.

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.

• Differentiate between "producers" and "consumers."

• Define and explain the term obsolete.

• Know and understand the concepts of demand, supply, and price.

• Know and understand the concepts of profit, and breaking even.

Concepts associated with chapter #3:

• Identify and describe the four forms of business organization:
  • sole proprietorship;
  • partnership;
  • corporation;
  • co-operative

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

• Explain what is meant by "patronage refund."

• 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

• Know and understand what is meant by a franchise, as well as the advantages and disadvantages associated with this form of business.

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