1. Principles of Business, Marketing, and Finance
Forms of Business Ownership
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3. Changing Employment Trends
New jobs evolve while old jobs disappear.
The U.S. has an aging population.
Minorities are making up a larger percentage of the workforce.
Explain the changing workforce for an aging population. Also describe the needs for an aging population.
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4. Businesses in the U.S. Economy
Employ millions of Americans
Compensate owners and investors
Pay taxes to federal, state, and local governments
Make and distribute products and services needed by consumers, government, and businesses
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5. Three Major Categories of Businesses
Service Business
Carry out activities that are consumed by its customers
Intermediaries
Sell goods and services
Producers
Create products and services used by other individuals and businesses
Ask students to give examples of producers. Possible answers may include farmers and manufacturers are examples of producers.
Ask students to give examples of intermediaries in the mall. Then ask students to give examples of service businesses that they use. Examples of service businesses might include Internet service providers, doctors, dentists, hair stylists, and lawn care specialists.
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6. Forms of Business Ownership
Sole Proprietorship
Individuals who want to work and make decisions independently
Little government regulation
Great risk for the owner
Ask students to list a business that they would feel comfortable operating as a sole proprietor. Then ask students to explain why they are qualified.
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7. Forms of Business Ownership
Partnership
The partnership is owned and controlled by two or more people.
Partners share an idea for a business.
Partners want to cooperate in managing and investing, and want to share the risks and rewards of the business.
Ask students to list the risks involved with partnerships. Explain how partners have unlimited liability in the partnership. Unlimited liability-full legal and financial responsibility for a business
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8. Forms of Business Ownership
Corporation
Separate legal entity owned by one or more shareholders and managed by a board of directors
More difficult to form
Subject to more regulations
Limited liability for investors
Corporation-a business treated by law as separate from its owners. Ask students to list three corporations that they think are good investment choices. Later they can look up the most current stock price for each corporation on the internet on listed in the newspaper.
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9. Limited Liability Partnership & Company
Other Forms of
Business Ownership
Limited Liability Partnership & Company
Joint Venture
S-Corporation
Nonprofit
Corporation
Franchise
Cooperative
Describe how a limited liability partnership would allow you to begin a partnership with a noted expert who is only liable for the amount they invested in the company. Explain how a joint venture ends when a project is completed. Ask students to give examples of franchises. Fast food restaurants, hotels, and other businesses operate as franchises.
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