1. Business Organization
CHAPTER 5
6/16/2018 5
Business Organization
5-1 Business in the U.S. Economy
Mrs. Metcalfe
ITB

2. Question?
What jobs are you interested in (list at least 3)?
____________________________________________________________________________________________________________
Do you believe these jobs will be around 10 years from now? Why or Why not?
________________________________________________________________________
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3. The Fastest Growing Occupations
5 Fastest Growing Jobs in America
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4. US Bureau of Labor Statistics Ticket out the Door
Go to the following website:
Save as Fastest Growing Jobs TOD. Answer the following questions and turn into the box as you leave the classroom today.
Go through the slideshow. Next, list one of the 30 fastest growing occupations you are interested in and why. Include information on their projected increase, median pay, and the education/training you would need.
How can you use this information to help with your education and career decisions in the next several years?
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5. THE CHANGING U.S. JOB MARKET
The first decade of the twenty-first century has seen period of growth and decline in overall employment.
Reasons for change:
Job prospects in Dot.com world
Decline of traditional jobs like ____________________and manufacturing
Decline of jobs due to recession
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6. The Changing US Job Market: Employment Data
Baby Boomers – the large number of people born between 1946 – 1964
Baby Boomers have dominated the labor market since they began working in the ______________
Began to retire in 2011
The average ages of U.S. workers in 2020 will be over 50
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7. The Changing US Job Market: Employment Data
A mini-boom of younger workers will cause the year old age group to grow faster than the overall labor force for the first time in 25 years
Other groups that will go through ___________employment growth rates are Asian, Hispanic, and African-American
Currently, 68% of non-hispanic workers make up the labor force
That number will drop to 64% by 2018
By 2018, nearly one half of all jobs (47%) in the U.S. will be held by women
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8. The Changing US Job Market: Pressures on Employees
Economic Pressures:
New jobs/duties at work
Extra hours
Full time jobs reduced to part time
Wages decrease
Increased use of contingent workers
_________________________workers – one who has no explicit or implicit contract for long-term employment
@ 5% of the U.S. workforce (6 million people) is made up of contingent workers
In the next 10 years, the number of contingent workers will double
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9. BUSINESS AND THE ECONOMY
Businesses make the goods and services you use each day
That includes the products and services used by other ___________________as well as those needed by individual __________________
Do you believe that most U.S. businesses are large or small?
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10. BUSINESS AND THE ECONOMY: Size of Businesses
Most U.S. businesses are small
19.5 million businesses have no employees other than the __________
Percent of Business By Employment Size
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11. BUSINESS AND THE ECONOMY: Roles of Business
Businesses play several roles in the U.S. economy
Roles of Business:
Most important role of business is to ______________and ___________products and services needed by consumers, government and other businesses
Provide employment for millions of people
Employee wages are used to purchase goods and services
Profits earned by businesses are used to compensate owners and investors
Businesses pay taxes which government spend to provide services
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12. BUSINESS AND THE ECONOMY: Impact on a Community
Businesses have important impacts on the community in which it operates
Impact of business:
_____________workers in the community
Pays wages to workers who in turn pay taxes
Buys goods and services from other businesses in the area
When a large business opens in an area, other businesses will often locate there to support the larger businesses
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13. BUSINESS AND THE ECONOMY: Business Activities
Although there are many types and sizes of businesses, all forms perform six basic activities
Generating ideas
_______________________capital
Employing and training personnel
_____________goods and services
Maintaining business records
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14. TYPES OF BUSINESSES There are three major categories of businesses:
Producers
Intermediaries
___________businesses
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15. Types of Businesses: Producers
Business activities start with producers
__________________– create the products and services used by individuals and other businesses
They are responsible for using resources to make something that is needed by others
Example: A builder obtains lumber, cement, shingles, carpet and paint to construct a house, factory, or office building
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16. Types of Businesses: Producers
_______________________– get supplies from other producers and convert them into products
Sell their products to consumers and other businesses
Farmers – cultivate land and use other natural resources to grow crops and raise livestock
________________– a business that takes resources from nature for direct consumption or for use in developing other products
Examples: extractors pump oil, mine coal, or cut timber
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17. Types of Businesses: Intermediaries
_______________– businesses involved in selling the goods and services of producers to consumers and other businesses
Most common types of intermediaries are:
Retailers (ex. _____________store)
Wholesalers (ex. Sams Club)
Specialized intermediaries include: transportation companies, advertising agencies, storage centers, sales offices, and data processing centers.
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18. Types of Businesses: Service Businesses
Many businesses do not make products or offer products for sale.
Service Business – carries out activities that are consumed by its customers
Offer something that is ______________or has no physical characteristics
Examples – dentists, physicians, lawyers, pet sitters, ____________service providers, web designers, online travel agents, furniture movers.
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19. Types of Businesses: Service Businesses
Businesses as well as final consumers use services
Service businesses are the fastest growing part of the economy
More than 60 percent of all U.S. employment is now in service producing businesses
Many new business offering professional and technical services require highly __________employees and pay __________amounts
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20. 5.1 Assessment
Directions: Answer the following questions below in Microsoft Word. Write the question and the answer for only assignments # Bold your answers. Save the assignment in your googledocs as Chapter 5 Assessment. DO NOT PRINT
What are the six basic activities completed by all businesses?
How does a manufacturer differ from an extractor
Using the Internet identify 5 types of natural resources that are extracted in the United States for manufacturing.
Bookwork (p.105) - #1-3
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