unit 1 business and its environment enterprise. do now write down a definition of business in your...
TRANSCRIPT
![Page 1: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/1.jpg)
Unit 1 Business and its Environment
Enterprise
![Page 2: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/2.jpg)
DO NOW
• Write down a definition of Business in your own words? (5 mins)
![Page 3: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/3.jpg)
Factors of Production
![Page 4: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/4.jpg)
Business Activity• A business is any organisation
that uses resources to meet the needs of customers by providing a product or service that they demand.
• Without business activity we would be dependent on what we can grow and make ourselves.
• Businesses meet the needs of customers.
![Page 5: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/5.jpg)
Dulip starts his Business
• Activity page 3 Business Studies Text Book. (15-20 mins)
![Page 6: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/6.jpg)
Factors of Production
• Land - This general term includes not only Land itself but all of the renewable and non renewable resources of nature, such as coal, crude oil and timber.
• Labour – manual and skilled labour make up the workforce of the business.
![Page 7: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/7.jpg)
Factors of Production• Capital - This is not just the
finance needed to set up a business and pay for its continuing operations, but also all of the man made resources used in production. These include capital goods such as computers, machines, factories, offices and vehicles.
• Enterprise – this is the driving force, provided by risk taking individuals, that combines the other factors of production into a unit capable of producing goods and services.
![Page 8: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/8.jpg)
What does a Business Need?
![Page 9: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/9.jpg)
Homework
• Why might someone start a business?
• Discuss two factors of production and why businesses need them?
![Page 10: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/10.jpg)
DO NOW• List the four Factors of production
and there definitions? (homework out for checking.)
![Page 11: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/11.jpg)
Added Value• Added Value – the
difference between the cost of purchasing raw materials and the price the finished goods are sold for.
• I.e. Building industry - they use timber and build houses. Therefore increasing the value of the finished goods.
• Adding value normally increases costs.
![Page 12: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/12.jpg)
Added Value• How could the below businesses
add value to the goods they buy in? (20 mins)
![Page 13: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/13.jpg)
Economic Activity• The world has great
wealth and great scarcity.
• Poor people and rich people cant satisfy all of there needs and wants.
• This means we are faced with a choice.
• The purpose of economic activity is to provide for as many of our wants as possible.
![Page 14: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/14.jpg)
Opportunity Cost• The benefit of the next most
desired option which is given up.
• Provide two examples of opportunity cost for the below groups?
-Government-School
-Consumers (you and Me)-Businesses
-Charities(10-15mins)
![Page 15: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/15.jpg)
Revision Questions Page 14
• Questions 1, 2 and 3
![Page 16: Unit 1 Business and its Environment Enterprise. DO NOW Write down a definition of Business in your own words? (5 mins)](https://reader035.vdocuments.net/reader035/viewer/2022062803/56649efe5503460f94c12823/html5/thumbnails/16.jpg)
Homework
• Explain how a supermarket could add value to the food and other stock it buys in?
• Explain the concept of opportunity cost and give three examples of it?
• Blog Duty –Student to discuss today's lesson, others to check and comment