Lesson Plans - Details

Types of Business

  • 25 May 2018
  • Posted by: Elaine Bryan
  • Number of views: 79
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Types of Business
Students’ age range: 12-14
Topic: Type of Business
 
Description: Teacher will ask students to think of some businesses they know. Teacher will call on volunteers to tell the names of the businesses. Teacher will write some of the business names on the board. Teacher will then divides the class into small groups, assign them one of the business named and give them five (5 minutes to outline how they would describe the business and why. Provide them with the following guidelines: 1. Does the name of the business tell you anything about it? 2. What do you think the business does? 3. What type of business would you describe it as based on what you know? ENGAGE: opening activity- Access Prior Learning/ Stimulate interest/ Generate questions Teacher will outline to students they can add other information if they choose to. Teacher will have each group select a presenter who will share with the class what the group outlined and why. After the presentations, teacher will ask the students if they noticed any similarities in how each of the groups described the various businesses assignedEXPLORE: lesson Description- Materials needed/ Probing or Clarifying questions: Teacher will explain to the students that we typically tend to see businesses as the same but in fact there are different types of businesses that operate very differently. However, a business can generally be defined as follows: Business: The activity of making, buying or selling goods or providing services in exchange for money. Teacher will tell students that they will be introduce to four (4) main types of businesses these includes 1. Sole Proprietorship or sole Trader: A sole proprietorship is owned and run by one individual who receives all profits and has unlimited responsibility for all losses and debts for example shop: Home- based business 2. Partnership: An arrangement where two or more persons agree to cooperate to advance their mutual business interests. There are three (3) types of partnerships - general. Limited and Limited Liability Example Microsoft ( founded by Bill Gates & Paul Allen) 3. Co-operative: An autonomous (independent) association of people who cooperate or work together. The business is owned & managed by those using its services and or who work there. Example Portland cooperate credit Union 4. Private Limited Company: also known as an LTD, it is a type of privately held small business entity. This type of business entity limits owner liability to their shares, limits the number of shareholders to 50, and restricts shareholders from publicly trading (selling) their shares. Example is Wilson Enterprise.Teacher will ask student if they can think of at least two (2) other examples for each type of business. Students will be directed to write their responses in their notebooks and then select a few volunteers to share their responses. Teacher will further explain the business concepts and allow students to write in their note books These business concepts are:Business: The activity of making, buying or selling goods or providing services in exchange for money. 1. Sole Proprietorship or sole Trader: A sole proprietorship is owned and run by one individual who receives all profits and has unlimited responsibility for all losses and debts for example shop: Home- based business 2. Partnership: An arrangement where two or more persons agree to cooperate to advance their mutual business interests. There are three (3) types of partnerships - general. Limited and Limited Liability Example Microsoft ( founded by Bill Gates & Paul Allen) 3. Co-operative: An autonomous (independent) association of people who cooperate or work together. The business is owned & managed by those using its services and or who work there. Example Portland cooperate credit Union 4. Private Limited Company: also known as an LTD, it is a type of privately held small business entity. This type of business entity limits owner liability to their shares, limits the number of shareholders to 50, and restricts shareholders from publicly trading (selling) their shares. Example is Wilson Enterprise.
ELABOURATE: Application and Extensions: Teacher will now give students a better understanding of each type of business by exploring the advantages an Only objective one was done. Lesson will continue next session. This session was use to do a brain storm of what type of business they will engaged in

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