8.1: Sole Proprietorships

Chapter 8: Lesson 1: Sole Proprietorships

Assignment:

• Complete the comparison chart at the top of page 191.
• Graph Skills (p.192): #1 & 2
• Section 1 Assessment (p.195):
• Guide Questions: #1 & 2
• Key Terms and Main Ideas: #3 - 6
• Critical Thinking: #7 - 9
• Math Skills: #10
• Define the main key terms of the chapter:
• Sole Proprietorship
• Business Organization
• Business License
• Zoning Laws
• Liability
• Fringe Benefits
• Would your virtual business [that you have been discussing so far] work as a Sole Proprietorship?  Why or why not?

• Respond to the following worksheet:

8.2: Partnerships and Franchises

8.2: Partnerships and Franchises

• Guiding Question (p.196): Create Chart
• Characteristics of Partnerships (p.197): #1 & 2
• How Can a Small Business Grow (p.199): #1 & 2
• Global Impact (p.200): What are some of the difficulties that business might encounter in their efforts to expand in other countries?
• Section 2 Assessment (p.201): #1, 2, 3, 4, 5, 6, 7, 8
• How do limited liability partnerships compare with general partnerships?
• Items often covered under articles of partnership?
• Financial advantages of partnerships?
• Money and other valuables make up a person’s or firm’s __________________.
• A semi-independent business that pays fees to a parent company in exchange for the exclusive right to sell a product or service is a(n) _____________________.
• Three kinds of businesses that are often general partnerships: 
• Thinking of your own virtual business, would it work as a partnership?  Would it work as a franchise?  Why or why not?

What product did William Procter make when he first arrived in Cincinnati?  What kind of business organization did he have?

What kind of liability did Procter have when he first started his business?

What were the immediate benefits of the partnership?

Why did Procter and Gamble end their partnership? What benefits were they looking forward to?

What is a Franchise?


How Franchising Works: An Illustrated Guide
SUBWAY Story: What is Franchising?

Supply Changes

Think about your fictitious business from your project as you read "Economics & You: Input Costs" on page 124.

• What main resources/products (cotton, gasoline, steel, fabric, etc.) does your business rely on?
  
   For example, if you sell t-shirts, the manufacturer would need cloth -- or if you are making shoes you might need leather or rubber -- or if you are a lawn care company, you might need gasoline.
• What resources do your main products require before they get to you?  For example, to create cloth a company must have cotton -- and to have cotton they would need water and fertilizer and seeds and labor.
• What changes in costs for supplies would make you [in your specific business] charge more for your product/service?  Why?
• How might technology be used to reduce costs for your business?
• If one of your main supply necessities (i.e. cotton or gasoline) was owned by one or two companies, what might happen to the price of that resource?  Why?

Answer the following questions:

• Explain what Subsidies are (p.124) in your own words.
• Read the "Ballooning Problem" article about reduced supplies and increased demand.  
• How might government regulation change how helium is used?
• How is helium becoming a shortage instead of a scarce resource?
• Suppose the United States buys most of its bananas from a particular country.  If that country suffered a drought, what would happen to the "supply curve" for bananas?
• If regulation increases price and decreases supply, why does the government issue regulations?
• Why would an auto-maker want to have manufacturing plants in several different regions?
• Why would a software company NOT necessarily want facilities in several different regions?
• Suppose television networks raise the fees that cable television networks must pay to show their programs.  What processes or prices might change?
• Suppose that you open a shoe repair shop.  What fixed and variable costs would you have?

Video about Helium Shortage: http://www.youtube.com/watch?v=hEKlHtR_quo

 

Making a Difference: Jellico Pride

Today the members of this class are forming groups [of 4] to discuss our community.  For the purpose of this project, we will consider Jellico as our community -- even if we are in smaller communities such as Elk Valley, Newcomb, Stinking Creek, Eagan, White Oak, Indian Mountain or "1804".

Get in individual groups based on the community you have chose -- there must be 4 (or fewer) people in your group.  Write "Making a Difference: Jellico Pride" at the top of a sheet of binder paper and the names of all group members participating.  Underline the name of the "recorder" (the person writing down the ideas; they will receive extra credit.

Part I: On the front of this paper write:  "Positive Things About Our Community" and then begin a list of good things.  It could be places to go, things to see, the kind of people, or whatever.

Part II: On the back of this paper, write the heading "How Can We Make Things Better?"  Next, make two columns 1, "Things One Person Can Do" and 2, "Things a Group Could Do".  Now start a list for each side for real things we can do to make positive change.

Part III: On the front of a new piece of paper, write:  "Positive Things About Jellico High School."  Think of good classes, good teachers, good staff members, foods, sports, or whatever else you think is a good thing.

Part IV: On the back of the paper, label it: "Things That Would Make JHS Better".  List things that we could change here to make our school a better place to be.  This isn't a "hit list", so if you want to call out teachers or staff, do so respectfully and use specific things they could do better.  Think of classes you would like to take, things that would make the facilities better, changes in our rules, etc.  Be proactive and think of real things that we could implement.

4.3: Elasticity of Demand

Chapter 4.3: Elasticity of Demand

• Graph Skills (p.98): #1 & 2
• Illustration (p.99): How does this cartoon illustrate elasticity of demand?
• Check Your Understanding (p.101): #1 & 2
• Checkpoint (p.102): What factors affect elasticity of demand?
• Checkpoint (p.103): How does elasticity affect revenue?
• Chart Skills (p.103): #1 & 2
• Chart Skills (p.104): #1 & 2
• Checkpoint (p.104): Why does a firm need to know whether demand for its product is elastic or inelastic?
• Section 3 Assessment (p.104): #2, 3, 4, 5, 6, 7, 8, 9, 10

4.2: Shifts in the Demand Curve

Chapter 4:2: Shifts in the Demand Curve

• Image (p.91): Based on the image, how would the demand curve for plywood change?
• Checkpoint (p.92): What does a shift in the demand curve say about a particular good?
• Graph Skills (p.92): #1 & 2
• Checkpoint (p.95): How will an anticipated rise in price affect current demand for a good?
• Checkpoint (p.96): If the demand for a good increases, what will happer to the demand for its complement?
• Section 2 Assessment: #2, 3, 4, 5, 6, 7, 8, 9

4.1: Understanding Demand

Chapter 4:1: Understanding Demand

• Guiding Question (p.85): Chart
  
• What is the Law of Demand? (p.86): How do these two images reflect the law of demand in action?
• Graph Skills (p.87): #1 & 2
• Checkpoint (p.88): What happens to demand for a good when the price increases?
• Economics in Action (p.88): Has the substitution effect been a factor in any of your recent purchases?  Explain.
• Chart Skills (p.89): #1 & 2
• Checkpoint (p.89): To have demand for a good, what two conditions must be met?
• Magazine (p.89): What other goods or services might consumers have less demand for during an economic downturn?
• Graph Skills (p.90): #1 & 2
• Checkpoint (p.90): What is a market demand curve?
• Section 1 Assessment (p.90): #1 - 11

Law of Demand (Parody of Sharp Dressed Man): http://youtu.be/tDkkkEQXJMw
Law of Demand (Investopedia): http://www.investopedia.com/video/play/law-demand/

The Law of Demand