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AOF Principles of Finance

Lesson 12Today’s Business Environment

In this lesson, students explore the changing environment in which businesses operate. Students are introduced to such topics as technological innovations and advancements, government regulations, societal norms and trends, and globalization. They become aware of how these factors can affect a business’s decision-making process. Students apply these concepts by writing their own fictional case studies, in which they analyze a specific and relevant business issue. At the end of the lesson, students bring in the results of their project surveys and use those to discuss potential project topics.

Advance Preparation In Class Period 2, students will need computers with Internet access for research, and in Class

Periods 3 and 4, they will need computers with Microsoft Word or similar word processing software (one student per computer).

This lesson requires students to conduct effective Internet searches to complete an assignment. If computer availability will be an issue, or if your students are not adept at Internet research, you may wish to allow additional class time for researching.

This lesson is expected to take 5 class periods.

Lesson FrameworkLearning ObjectivesEach student will:

Display understanding of the need for businesses to be aware of and be ready to respond to changes in regional, national, and global business environments

Explain how various business-environment factors—including technology, societal trends, and globalization—affect business decision making*

Demonstrate the ability to write a business case study*This is one of the 16 key learning objectives assessed by the NAFTrack Certification end-of-course exam for this course.

Copyright © 2009-2016 NAF. All rights reserved.

AOF Principles of FinanceLesson 12 Today’s Business Environment

Academic StandardsThe relevant Common Core State Standards are too extensive to list here but are an important basis for this lesson. For details, please refer to the separate document “Correlations to the Common Core Standards” (available in the Course Planning Tools section of the course materials).

Describe and follow laws, regulations, and ethical standards that affect finance operations and transactions (Common Career Technical Core 2012, FN 8)

Describe the interrelatedness of the social, cultural, political, legal, economic, and technological factors that shape and impact the global business environment (NBEA National Standards for Business Education 2013, International Business II, The Global Business Environment)

Analyze the role of government in economic systems, especially the role of government in the US economy (NBEA National Standards for Business Education 2013, Economics VII, The Role of Government)

Assess the impact of information technology in a global society (NBEA National Standards for Business Education 2013, Information Technology I, Impact on Society)

AssessmentAssessment Product Means of Assessment

Fictional case study (Student Resources 12.3 and 12.5)

Rubric: Fictional Case Study (Teacher Resource 12.3)

Prerequisites Knowledge of the different forms of business ownership Ability to define profit Understanding of the finance industry, including an ability to identify different financial institutions

and their main functions

Instructional Materials Teacher Resources

Teacher Resource 12.1, Images: Factors That Affect Business Decisions (separate PowerPoint file)

Teacher Resource 12.2, Presentation and Notes: Today’s Business Environment (includes separate PowerPoint file)

Teacher Resource 12.3, Rubric: Fictional Case Study Teacher Resource 12.4, Key Vocabulary: Today’s Business Environment Teacher Resource 12.5, Bibliography: Today’s Business Environment

Student Resources Student Resource 12.1, Graphic Organizer: The Changing Business Environment

Copyright © 2009-2016 NAF. All rights reserved. 2


Student Resource 12.2, Reading: Today’s Business Environment Student Resource 12.3, Assignment: Fictional Case Study, Part One Student Resource 12.4, Example: Fictional Case Study Student Resource 12.5, Assignment: Fictional Case Study, Part Two

Equipment and Supplies Whiteboard, blackboard, or chart paper LCD projector and computer for PowerPoint presentation Computers with Internet access and Microsoft Word or similar word processing software (one

student per computer) Sticky notes Chart paper (at least six to eight sheets)

Lesson StepsStep Min. Activity

CLASS PERIOD 1

1 20 Image Walk: Today’s Business EnvironmentStudents begin thinking about some elements of the business environment that affect a business’s decision-making process.

Prepare for the activity by posting the images from Teacher Resource 12.1, Images: Factors That Affect Business Decisions (separate PowerPoint file), in various locations around the room. Write the following prompt on the board:

Imagine that you are considering starting your own business. You know that success depends on managing the business’s finances effectively. How will the topic of each picture affect financial decisions for your business?

Have students move from image to image with their notebook and something to write with. Tell them that as they look at each image, they should predict in their notebook the ways in which the idea that it depicts can influence a business’s financial decisions.

After students have commented on each image, place them into groups of three or four to discuss and share their responses. Students may add or modify their own predictions based on the responses from their group mates.

When students have finished discussing the images in their group, move from image



Step Min. Activity

to image and ask for volunteers to share their thoughts about each with the whole class.

Explain that the images represent various environmental factors and changes that can affect a business’s decision-making process. Businesses constantly need to be aware of these factors and the ways in which they affect the business environment. Tell students that they will explore this issue more deeply in this lesson.

2 25 Presentation: Today’s Business EnvironmentThis activity gives students an in-depth look at the specific ways that technology, government regulations, social norms, and globalization can affect a business’s financial decisions.

To prepare, make notes to guide class discussion using Teacher Resource 12.2, Presentation Notes: Today’s Business Environment. Have Teacher Resource 12.2, Presentation: Today’s Business Environment (separate PowerPoint file), ready to show as a full-screen slideshow using an LCD projector.

Before the presentation begins, refer students to Student Resource 12.1, Graphic Organizer: The Changing Business Environment. Read and review the directions with the class. Inform students that they will be using the resource as a place to take notes while they listen to the presentation. In each of the four squares, students must list the different ways that the factor noted in the square can affect a business. Let students know that they will be using some of the information from this presentation to complete their assessment product for this lesson, and encourage them to take good notes.

Present the slideshow. Use the notes you prepared previously and pause whenever appropriate to encourage class discussion.

This presentation is duplicated as Student Resource 12.2, Reading: Today’s Business Environment. If an LCD projector is unavailable, students can read the presentation, answer the discussion questions in their notebook, and discuss their answers as a class. This student resource is also useful for review.

After the presentation, have students get with a partner to compare their notes (from Student Resource 12.1) for completeness and accuracy. Answer any questions students have. Remind students that they will need these notes as they begin working on their assessment product for the lesson during the next lesson step.

3 5 Assignment: Fictional Case StudyStudents draw upon what they just learned from the presentation as they begin to work on their assessment product for this lesson.

Ask students if they have ever heard of a case study. Invite students to guess what a case study might be. Then read aloud the first section of Student Resource 12.3, Assignment: Fictional Case Study, Part One, which will tell them what a case study is. Answer any questions.

Explain that in this lesson students are going to research a trend in today’s business environment and write a case study that illustrates how that trend affects a particular fictional business. Tell students that case studies are used throughout the business and professional world, so becoming familiar with this style of writing can help them in



Step Min. Activity

their future professional and academic careers.

For homework, ask students to make a list of potential topics they are interested in. Instruct them to choose a topic to research during the next class period.

At the end of the class period, remind students that they need to finish their project surveys. Inform students that they will need to bring in their completed culminating project survey during Class Period 5 of this lesson.

CLASS PERIOD 2

4 15 Think, Pair, Share: Preview of ExampleIn this activity, students analyze an example of a case study, which will guide them as they conduct their research and prepare to write their own case studies.

Have students individually read Student Resource 12.4, Example: Fictional Case Study. After they have finished reading, instruct them to turn to a partner and discuss the following:

What information did the case study provide about the issue? What information did the case study provide about the company? How did the case study explain the various options? Did the case study seem realistic? Does this seem like something that happened

at a real company?

Once students have discussed their answers with a partner, have them share their thoughts with the class. Take time to correct any misunderstandings. Keep in mind that students need to understand how a case study works before they can effectively do research for one. Therefore, it would be better to spend additional time on this lesson step (if needed) to ensure that all students understand the case study format and content rather than having them jump into the research if they are not ready. If necessary, students can continue their research for homework or you can add more class time for research.

5 35 Research: Case Study TopicsStudents apply what they have learned from the presentation and the example case study as they begin researching their case study topic.

Explain to the class that they will have the rest of this class period to gather information on their topic. Ask students to look again at Student Resource 12.3, Assignment: Fictional Case Study, Part One, and go over Step 3, Do Research. Assign students to computers and encourage them to use their time efficiently. Remind students to use the organizer in Student Resource 12.3 to help them track their research and record their sources.

Note: Before students begin their research, make sure that they were able to complete their homework from the last class period by reviewing each student’s topic selection. You may do this by having students orally call out their topics or you may use another method of your choice.



Step Min. Activity

When approximately 10 minutes remain in class, ask students to demonstrate by a show of hands whether they have sufficient information to write their case studies. If a small number of students indicate they are not yet ready, instruct them to complete their research for homework. Since students may still be working on their project survey for homework, if a large number of students do not have their research complete, you may wish to allot additional class time for more research. Let students know that in the next class period they will begin writing their case study. Also remind students that they will need to bring in their completed project surveys during Class Period 5.

CLASS PERIOD 3

6 35 Assignment: Case Study Rough DraftIn this activity, students begin writing a rough draft of their case study. It focuses on the following college and career skills:

Thinking critically and systemically to solve difficult problems Utilizing time efficiently when managing complex tasks Demonstrating the ability to write effectively

Begin class by reviewing Student Resource 12.5, Assignment: Fictional Case Study, Part Two, with students. Go over the questions that students need to answer in each section of their case study and address any misunderstandings. Point out that if they have not already done so, they will need to begin by choosing a specific business to write about in their case study (ideally, students will have already done this).

Tell students they will have most of this class period to write a rough draft of their case study. Remind them to use the example case study (Student Resource 12.4) for additional guidance while they are writing. Assign students to computers or ask them to get out a clean sheet of paper to write their rough draft.

While students are writing, circulate through the room to answer questions and keep students on task. Make a point of checking in early with any students who had difficulties doing research in the last class period. Students with insufficient research may struggle with the actual writing process because they may not have enough information to support their ideas.

When approximately 20 minutes remain in class, ask students to begin wrapping up their work for the day. Make sure they understand that they do not need to have a totally finished draft at this point, but let them know that they will be getting peer feedback on whatever they have written so far. Inform students that they will be writing a final draft of their case study during the next class period. Encourage students who have not gotten very far with their drafts to work on them for homework.

7 15 Peer Review: Case StudyStudents share and discuss their work, receiving peer feedback and exposure to diverse perspectives. This activity focuses on the following college and career skill:

Working effectively with a diversity of individuals and perspectives



Step Min. Activity

Instruct students to form groups of three and hand each group a pile of sticky notes. Have students take out the rough draft of their case study (or ask students to sit at each other’s computer if the work was done in a word processing program).

Using an LCD projector, display Teacher Resource 12.3, Rubric: Fictional Case Study. Explain to the class that you will be using this rubric to assess their case studies. Have students review the rubric and answer any questions. (Keep the rubric projected or hand out copies of the rubric to each student, as they will be referring to it during the peer-review process.)

As each group begins the peer-review process, make sure that students evaluate the written drafts against the elements that are shown on the rubric. Reassure students whose draft is still incomplete: they will have time in the next class period to finish their work, but they will get feedback now on whatever work they have already completed.

Instruct students to use the following prompts to guide them as they review the case studies written by their classmates and to respond to the prompts on the sticky notes for each case study.

What is one criterion that the assignment looks like it would get an Exemplary or Solid score on? Why?

Are there any criteria that would earn a Needs Attention score? Why? What is one specific suggestion you would make for improvement?

Once groups have given each other feedback, have students share some of the helpful advice that they received (if time permits). Let students know that in the next class period they will have time to revise and/or finish their draft. They should use the feedback from their group as well as the rubric and the example case study for guidance.

At the end of the class period, remind students they will need to bring in their completed culminating project survey during Class Period 5.

CLASS PERIOD 4

8 50 Assignment: Case Study Final DraftStudents write a final draft of their case study, using peer feedback as well as the rubric to guide revisions as necessary.

Tell students that this is their last class period to work on their case study. Remind students to use the rubric, their peer feedback, the example case study (Student Resource 12.4), and the assignment sheet (Student Resource 12.5) to help them as they finish writing and/or revising their work. Project the rubric again so students can refer back to it, or provide additional copies of the rubric for students to use as a self-assessment tool.

While students are working, circulate through the classroom to answer questions and keep students on task. Make a point of checking in with students who were struggling during the last class period. You may wish to offer some of them the opportunity to complete their case study for homework, if necessary.

When approximately 10 minutes remain in class, ask students to save their work and



Step Min. Activity

turn it in. Assess the completed case studies using Teacher Resource 12.3, Rubric: Fictional Case Study.

Students are often very interested in seeing what their peers have written as case studies. Consider allowing for additional class time so that students can view each other’s work in a gallery walk or other appropriate sharing arrangement.

At the end of the class period, remind students that they need to bring in their completed culminating project surveys in the next class period.

CLASS PERIOD 5

9 20 Culminating Project Work: Sharing Survey ResultsStudents bring in the results of their survey and work together as a class to share information about potential project topics.

Before class begins, post several sheets of chart paper around the room. Title each sheet with a topic that you know students have considered for their projects. The class list of potential project topics from Lesson 10 will be useful again here. If you no longer have that list, you may wish to generate topic ideas based on the lesson topics from the course or based on conversations you have had with your students about the project.

When students arrive in class, ask them to get out their completed survey. Place the students into pairs or triads and give each pair a stack of sticky notes. Explain that students now need to report their survey results to the class. Use the following example to demonstrate how to report the results:

I asked four people if they would be more interested in learning about investing or about managing debt. Three out of four people said they wanted to learn about investing.

Instruct students to work with their partner(s) to write their results on sticky notes (one result per note) and place those sticky notes on the appropriate sheet of chart paper. Having students work together on this can improve the accuracy of the reporting, since students are likely to be less opinionated about another person’s survey results.

Allow 10‒15 minutes for students to post their results and return to their seats. Tell students that they are going to use the information that everyone in the class gathered to help determine which topics they might want to work on for their project.

10 20 Culminating Project Work: Gallery WalkStudents view their classmates’ survey reports and use this information to develop a list of potential project topics.

Tell students that they are now going to move around the room and read their classmates’ survey results. Based on these survey results, students will need to come up with a list of topics they are interested in doing for their project.

Emphasize to students that they need to pay attention to what topics the people in their community want. It doesn’t matter if a particular student is fascinated by tax laws,



Step Min. Activity

for example, if no one in the community cares to learn about those laws.

Assign students to a starting point in the room (to reduce traffic issues). Tell students to carry their notebook with them so they can make notes on specific topics or comments that seem important to them. You may wish to ring a bell or give some other type of signal to remind students to move to the next posted topic. Ideally, all students have the opportunity to view all the topic comments before choosing their topic preferences in the next lesson step.

11 10 Culminating Project Work: Topic RequestsStudents make a list of topic preferences for their culminating project.

Ask each student to turn in a list of their top three topics they would like to work on for their project. For each topic, encourage students to write down why they are so interested in that particular topic. For example:

I would really like to do a project on saving money for college because I’m really worried about how my family can afford for me and my brother to both go to college.

My first choice project topic would be investing because I think the stock market is really interesting, and I’d like to learn more about how to get started with investing.

You may wish to suggest that students with stronger explanations for their choices have a better chance of getting their first-choice topic. Let students know that in the next lesson they will be creating their project materials for the Financial Literacy Fair.

Collect students’ topic lists at the end of class. You may also wish to collect students’ surveys and assess them on a credit/no-credit basis. In addition, consider keeping the posted survey reports for students to refer to during their project work in the next lesson.

Before beginning Lesson 13, look over the topic requests and use them to guide you in forming project groups of three or four students. As much as possible, try to form functional and effective project groups that also share similar topic interests.

ExtensionsContent Enrichment

Ask students to read Capital One’s article “Credit for Small Businesses” found online at http://tiny.cc/POF_CapitalOne_Credit. Next, assign students to write creative one-page essays about a business owner looking for financing, correctly using all of the terms that are defined in the article. Essays should be written in the first person, with students as the business owners.

Have students research the ethical implications of technological advances on businesses, for example, corporate downsizing, telecommuting, Internet during company time, and easy access to information.

Have students interview a business owner, a NAF academy advisory board member, or another professional from a relevant field. Have students create a list of five to seven questions that focus


http://tiny.cc/POF_CapitalOne_Credit


on the factors that affect the business environment, including taxes, insurance, regulations, and technology. Have students present their findings to the class.

STEM Integration Technology: Have students create a business insurance poster using an online graphic tool like

Canva (www.canva.com) or CollageIt (www.collageitfree.com), or if you have access to apps in your classroom, an app like PicCollage, ThingLink, or Moldiv. Instruct students to form groups of three and choose one type of business insurance to research. Some types include product liability insurance, workers compensation insurance, and employers liability insurance. Have groups create posters that describe each insurance and its purpose and explain how it can affect a business’s decision-making process.

Technology: Have students choose a financial intermediary and research the various ways that technology has changed how business is done within that type of business (e.g., how mobile banking has impacted banks or how the popularity of the Internet has impacted stock brokerages). Have students present their findings to the class in the form of a presentation. Students should create their presentation using an online storytelling tool like Simplebooklet (www.simplebooklet.com), UtellStory (www.utellstory.com), or Narrable (www.narrable.com).

Additional Cross-Curricular Ideas English Language Arts: Have students choose a problem or an issue that the school or community

is confronted with and write a case study that addresses the problem. English Language Arts: Have students explore the ways in which technological advancements and

innovations have changed the nature of writing and the writing process. Instruct students to choose a topic and write a reflective essay that describes some of the ways that technology has influenced them as a writer. For example, students may reflect on the impact of texting and emailing or focus on a topic like the writing process in general. For instance, the writing process used to consist of specific steps that were somewhat independent of each other. Today, researching, writing, and to an extent, editing, can happen simultaneously. After students have written their essays, have them share their thoughts with the class.


http://www.narrable.com/

http://www.utellstory.com/

http://www.simplebooklet.com/

http://www.collageitfree.com/

http://www.canva.com/

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