Basic Business Concepts
Lesson Overview
Media: Video (22 minutes)
Seat Time: 8 Classes | 400 minutes teaching
Goal:
To identify, explain and compare business types, ownerships, structures, designs, functions and business cycle phases.
Description:
This lesson will identify the different types of businesses and compare different forms of business ownership including sole proprietorship, partnership, corporation and franchise. It also gives students insight into how to structurally organize a business and the basic structural designs and functions of business. Lastly, students will discuss the four stages of the business cycle including real world examples to allow students to apply this knowledge.
Objectives:
1. To identify the types of businesses.
2. To differentiate the various types of business ownership.
3. To obtain knowledge concerning organizational structure of business.
4. To gain an understanding of the basic structural designs of business.
5. To describe the functions associated with business.
6. To examine the four phases of the business cycle.
Class 1
Class Overview:
Business Types Video Segment
Action Plan
Vocabulary Handout
Key Concepts
Business Types Check for Understanding
Is It a Good or Service? Activity
Essential Questions:
1. What is the difference between a good and a service?
2. What are the types of businesses?
3. How do the types of businesses differ?
Step 1: Bell Ringer:
· Begin class with a discussion of which businesses the students regularly patronize and why. Have students think about what type of business it is.
Step 2: Distribute the Action Plan, Vocabulary Handout and Key Concepts.
· The Action Plan lays out a list of tasks for students to complete during the lesson.
· The Vocabulary Handout is a list of terms used throughout the lesson.
· The Key Concepts is an outline which identifies the main ideas presented in the lesson which students can fill in to aid in note taking during the lesson.
Step 3: Show the Business Types video segment.
· This video is four minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 4: Administer the Business Types Check for Understanding.
· The Check for Understanding is a short review of the content presented in the segment.
Step 5: Students should complete the Is It a Good or Service? Activity.
· Students will classify the list of items based on whether they are goods or services and answer questions.
Step 6: Exit Ticket:
· Have students turn in the Is It a Good or Service? Activity.
Class 2
Class Overview:
Business Ownership Video Segment
Action Plan
Key Concepts
Business Ownership Check for Understanding
Business Ownership Presentation Project
Essential Questions:
1. What are the types of business ownerships?
2. How do the types of business ownerships differ?
Step 1: Bell Ringer:
· Write the types of business ownership: sole proprietorships, partnerships, corporations and franchises on the board. Have students take turns going to the board to add known business names to each type of business ownership. Lead a class discussion to allow students to explain how they know the business ownership is correct.
Step 2: Show the Business Ownership video segment.
· This video is four minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Business Ownership Check for Understanding.
· The Check for Understanding is a short review of the content presented in the segment.
Step 4: Students should begin the Business Ownership Presentation Project.
· Students will create a slide show presentation over the four types of business ownership.
Step 5: Exit Ticket:
· Have students show progress on the Business Ownership Presentation Project to their instructor.
Class 3
Class Overview:
Organizational Structure of Business Video Segment
Action Plan
Key Concepts
Beach Ball Game Bell Ringer Activity
Organizational Structure of Business Check for Understanding
School Organizational Chart Activity
Business Ownership Presentation Project
Essential Questions:
1. How is organizational structure of business defined?
2. What are the four basic organizational levels?
3. What are ways to more specifically structure a business?
Step 1: Bell Ringer:
· Have students participate in a Beach Ball Game Bell Ringer Activity to discuss types of business and business ownership.
Step 2: Show the Organizational Structure of Business video segment.
· This video is four minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Organizational Structure of Business Check for Understanding.
· The Check for Understanding is a short review of the content presented in the segment.
Step 4: Students should complete the School Organizational Chart Activity.
· Students will create an organizational chart.
Step 5: Students should continue the Business Ownership Presentation Project.
· Students will create a slide show presentation over the four types of business ownership.
Step 6: Exit Ticket:
· Have students turn in the School Organizational Chart Activity.
Class 4
Class Overview:
Structural Designs of Business Video Segment
Action Plan
Key Concepts
Structural Designs of Business Check for Understanding
Business Ownership Presentation Project
Essential Questions:
1. How is structural design of business defined?
2. What are the basic business structural designs?
Step 1: Bell Ringer:
· Lead a class discussion on why it is important to consider organizational structure and structural designs of business when owning a business.
Step 2: Show the Structural Designs of Business video segment.
· This video is three minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Structural Designs of Business Check for Understanding.
· The Check for Understanding is a short review of the content presented in the segment.
Step 4: Students should complete and present the Business Ownership Presentation Project.
· Students will create a slide show presentation over the four types of business ownership.
Step 5: Exit Ticket:
· Have students turn in the Business Ownership Presentation Project.
Class 5
Class Overview:
Organizational Functions of Business Video Segment
Action Plan
Key Concepts
Organizational Functions of Business Check for Understanding
Business Spotlight News Story Project
Essential Questions:
1. How are organizational functions of business defined?
2. How can the organizational functions of business be categorized?
Step 1: Bell Ringer:
· Have students write down their initial answers to the Essential Questions.
Step 2: Show the Organizational Functions of Business video segment.
· This video is three minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Organizational Functions of Business Check for Understanding.
· The Check for Understanding is a short review of the content presented in the segment.
Step 4: Students should begin the Business Spotlight News Story Project.
· Students will write and create content comparable to a news story spotlighting a business.
Step 5: Exit Ticket:
· Students should refine their answers to the Essential Questions from the beginning of class, if needed, and turn in to the instructor on their way out of the classroom.
Class 6
Class Overview:
Business Cycle Video Segment
Action Plan
Key Concepts
Business Cycle Check for Understanding
Business Spotlight News Story Project
Essential Questions:
1. What is the business cycle?
2. What are the phases of the business cycle and how are they defined?
Step 1: Bell Ringer:
· Give students a sticky note and ask them to write one vocabulary term and definition from this lesson which has stuck with them. Briefly discuss their answers and have them share why the term stuck with them.
Step 2: Show the Business Cycle video segment.
· This video is four minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Business Cycle Check for Understanding.
· The Check for Understanding is a short review of the content presented in the segment.
Step 4: Students should continue the Business Spotlight News Story Project.
· Students will write and create content comparable to a news story spotlighting a business.
Step 5: Exit Ticket:
· Have students add one more vocabulary term and definition from this lesson which has stuck with them to their sticky note. Have students stick their sticky note in a designated area on their way out of the classroom.
Class 7
Class Overview:
Action Plan
Business Spotlight News Story Project
Step 1: Bell Ringer:
· Lead a class discussion and ask students: “Given the choice, which types of business would you prefer to own: sole proprietorship, partnership, corporation or franchise and why?” Have students respond to each other’s answers and questions.
Step 2: Students should continue the Business Spotlight News Story Project.
· Students will write and create content comparable to a news story spotlighting a business.
Step 3: Exit Ticket:
· Have students show their progress on the Business Spotlight News Story Project to the instructor.
Class 8
Class Overview:
Action Plan
Key Concepts
Basic Business Concepts Final Assessment
Business Spotlight News Story Project
Step 1: Bell Ringer:
· Students will review the Key Concepts to prepare for the Final Assessment.
Step 2: Administer the Basic Business Concepts Final Assessment.
· The Final Assessment is a comprehensive assessment covering material throughout the entire lesson.
Step 3: Students should complete the Business Spotlight News Story Project.
· Students will write and create content comparable to a news story spotlighting a business.
Step 4: Exit Ticket:
· Have students turn in the Business Spotlight News Story Project.
Activity Overview
Is It a Good or Service?
Students will classify the list of items based on whether they are goods or services and answer questions.
Accommodations:
After classifying one item, review the student’s work to ensure the steps are completed correctly.
Modifications:
Provide students with the answer to one good and one service.
Extension:
Allow students to add five more examples of goods and services.
School Organizational Chart
Students will create an organizational chart.
Accommodations:
After completing one level of the organizational chart, review the student’s work to ensure the steps are completed correctly.
Modifications:
Provide students with an example of an organizational chart.
Extension:
Allow students to create an additional organizational chart of a local business.
Project Overview
Business Ownership Presentation
Students will create a slide show presentation over the four types of business ownership.
Accommodations:
After each step, review the student’s work to ensure the steps are completed correctly.
Modifications:
Provide students with a complete example of a business of one of the four types of business ownership to model their responses.
Extension:
Have students include at least two other pieces of pertinent information regarding each type of business ownership example.
Business Spotlight News Story
Students will write and create content comparable to a news story spotlighting a business.
Accommodations:
After each step, review the student’s work to ensure the steps are completed correctly.
Modifications:
Provide students with an example of a news story script.
Extension:
Allow students to interview and video an actual business owner or representative.
Career & Technical Student Organizations
BPA
Management, Marketing, and Human Resource Concepts
Entrepreneurship
FBLA
Introduction to Business
Business Communication
Business Plan
Entrepreneurship
Career Connections
Using the Career Connections Activity, allows students to explore careers associated with this lesson by viewing career interviews with various industry professionals. The career interviews are located on the Select Playlist drop down menu on the lesson page. See the Career Connections Activity for more details.
Leslie Sorrell, Political Analyst/Owner, The Magnolia Group
Jon Scholl, President, American Farmland Trust
Lee Lewis, CEO, Lee Lewis Construction Co.
