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Chapter 1: Understanding Business Le arning Goals: 1. Students will understand what defines a business.

Chapter 1: Understanding Business Le arning Goals: 1. Students will understand what defines a business. 2. Students will recognize the difference between for-profit and not-for-profit businesses. 3. Students will understand what factors influence a business's size.

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Chapter 1: Understanding Business Le arning Goals: 1. Students will understand what defines a business.

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  1. Chapter 1: Understanding Business Learning Goals: 1. Students will understand what defines a business. 2. Students will recognize the difference between for-profit and not-for-profit businesses. 3. Students will understand what factors influence a business's size. 4. Students will understand what forms of business ownership exist.
  2. Business is an organization that produces or sells goods or services to satisfy the needs, wants, and demands of consumers for the purpose of making a profit.
  3. What is a Business? Profit or not? - Simply put a for-profit business is the goal to sell a product or service that will make the company money. If non-profit (or not-for-profit) has, as an end-goal, to supply the product/service to help a community.
  4. http://www.profitguide.com/microsite/profit500/2013/ ·For-profit: Most businesses want to supply a good/service to consumers and make money doing so. Profit is what's left after expenses and cost have been accounted for. The company is solvent if, after meeting debt and financial obligations there's money left (list of fastest growing businesses in Canada Revenue - Expenses = Profit (or loss) ·Non-profit organization (NPO): raise financial capital for particular projects. Not-for-profit (NFP) organizations on the other hand will sell goods/services to meet the needs of their organization's members'. Most NFP are non-profit, but in some cases, NFP organizations can generate profit which can be then shared among the members, or to expand the organization. Co-operatives are a good example of NFP organizations that do this
  5. Create a table similar to the following: For- Profit Organizations Not-For - Profit Organizations Research/Brainstorm/List as many companies that fit into the two categories as you can. Aim to have 10 in each. Extension - include a sentence (or 2) explaining what they do!
  6. Business Size: there are several definitions for business size. According to Industry Canada small businesses employ almost 50% of the private workforce in Canada and tend to create about 1/3 of all jobs on a yearly basis. About 1/4 of the small businesses in Canada sell products (goods), but the vast majority provide services. Distribution of these goods/services is often 'bricks and mortar"-based, but a growing segment is internet-based (taking away from phone/catalogue-based distribution) ·According to Canadian Industry Profiles, a small business is defined as one with revenue between $30,000 and $5 million. A medium business has revenues between $5 million and $25 million. ·Statistics Canada defines small businesses as firms with less than 500 employees and less than $50 million in annual revenues. ·The Canadian Council of Ministers of the Environment defines business size according to the number of employees. Small Business has less than 50 employees. Medium Business has 51 to 500 employees. Create your own definition of what a small business is. You may want to combine some of the definitions from various groups.
  7. Forms of business Ownership: Classification of the type of business is informally based on how it is owned (and the type of job(s) it provides) ·Sole proprietorship: owned by one person ·Partnership: owned by two ore more partners ·Corporation: an artificial entity created by law and owned by shareholders ·Franchise: one business licenses another to use its name/procedure/product. Can also have hybrids (i.e. sole proprietorship/partnership etc. AND franchise) ·Co-operative: owned by it's members who buy from the business. Take a moment and research each of these types of Business Ownership. See if you can come up with an example for each.
  8. To Do: Research a business and find out the following information about the business: 1. Type of Business 2. Business Size 3. Type of Ownership 4. Type of Product 5. Revenue You should present this information in a one paragraph summary WITH a citation at the bottom indicating where you got your information from! Mark Scheme: 1. Type of Business /1 mark 2. Business Size and justification /2 marks 3. Type of Ownership and how you knew /2 marks 4. Type of Product and explanation /2 marks 5. Revenue /1 mark 6. Citation /2 marks Total: /10
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