ECONOMICS

Fall 2016:

Scroll through the following power-point and take notes on the information provided.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwjSpez6rP3PAhUEgj4KHaDVBEcQFggjMAE&url=http%3A%2F%2Ffaculty.riohondo.edu%2Fmjavanmard%2FBooyes%2520Micro%2F3-4Supply.ppt&usg=AFQjCNFPqIH0Rcu4A5tfgWcqvmH54ET9OA&sig2=TWV8CUDfjhSXJ-IC10DWnQ&bvm=bv.136811127,d.cWw










Assignments:

Wednesday Aug. 28: Start tracking gas prices.  Need to follow the gas prices at the gas station you selected.

Thursday Aug. 29: Explore the following website to prepare for stock market challenge.


http://www.wallstreetsurvivor.com/

Wednesday Sept. 4: Read pages 2-6 in JA Economics



October 27, 2015

Complete the following assignment DUE FRIDAY NOV. 5TH

1. Watch the Khan Academy video's and write a response to the following question for each video.
     -How does this help me with budgeting my money?

https://www.bettermoneyhabits.com/saving-budgeting/managing-my-personal-budget/set-budget-stick-to-it.html

https://www.bettermoneyhabits.com/saving-budgeting/managing-my-personal-budget/easy-ways-to-save-on-expenses.html

https://www.bettermoneyhabits.com/saving-budgeting/managing-my-personal-budget/steps-to-better-money-habits.html

October 27, 2015

Shark Tank Business Project
(anything highlighted yellow is a term you need to know for this project)
Main Goal:  You and your partner(s) will create a new business idea/concept that you will present to a “Shark” (an investor/venture capitalist).  You want this “Shark” to invest their money into your business.  This is the end product and I want you to keep this in mind as you go through the entire process. The following are elements you need to include in your business project:
1)      A Business Plan:  To create a successful business, you need to have a plan to follow.  Develop a business plan that outlines what your business will do, your staffing needs (labor), your sales and marketing approach and how much start-up financing you will need (how much $$ to start everything). Once you have your business plan, you can follow it to create your successful business and use your business plan to interest investors in your company (aka the “Sharks”)
Business Plan resources: (just some places to start)

2)  Type of Business:  What type of business do you and your partner(s) plan to create?  Spend some time researching the different types of businesses to see the advantages and disadvantages of each.  Then, based on what you discover about the different business types (there are 3 main categories) decide what type of business you will create and explain the reasoning behind the decision.
Terms you need to know for this section/element:
Sole proprietorship                                         Horizontal Mergers
Partnerships                                                    Vertical Mergers
Corporations                                                   Non-profit Organizations
Conglomerates                                                Multinational Corporations
Franchises
3)  Market, Industry, and Competition Analysis:  When you start a business, you need to look at the market in which you are entering. If there are already a lot of competitors in your market, it may be hard to start a new business in that market.  Also consider what makes your product/service stand out compared to others (what sets it apart from the rest?) so that people will demand your products or services.  Your task for this element is to analyze your industry (if you want to produce beer you are in the beer market, if you want to create a store that sells designer clothes you are in the retail market) and your competition.  What kind of competition exists in the market and what would you need to get your business started in this market?  Include this in your final product
Terms you need to know for this section/element:
Monopoly                                      Monopolistic Competition
Oligopoly                                       Perfect Competition
Barriers to Entry                           Price Fixing
Cartels                                           Collusion

4)  Financing:  How much money do you need to start this business venture?  After the initial money (which you hope to get from the “Shark”) to receive, how else are you going to finance your business?  Research all the different options you have to finance your new business and keep it sustained for the long-term.  Also, determine how profitable your business is going to be.  Here are some links to help, plus the vocab words for this section/element:
Cost-benefit analysis                                       short-term financing
Revenue                                                          intermediate-term financing
Profits                                                              long-term financing
Debt financing

5)  Marketing, Advertising, and Product Distribution:  How will you get people to know your business exists, how will you market your product/service and advertise it to your target audience?  This could be part of your business plan but if it is not you MUST include some marketing and advertising strategies in this project.  Here are a couple of resources (you can research more) and the vocab words you need to know for this section.
Test Marketing                             Consumer sovereignty                  Channels of Distribution
Market Research                          Price leadership                            E-Commerce
Market Surveys                            Penetration pricing
Product life cycle                           The 4 P’s of Marketing
Wholesalers                                  Retailers
6)  Operation (Nuts and Bolts):  How is your business going to be set up.  Will your business be set up in a specific location or will it be online (Ecommerce)? Questions such as who will be hired, how much will you pay them, what hours will you be open, who will manage your inventory/finances, how will people pay for products/services, etc.  (there are more) are ones to focus on to figure out how your day to day operations are going to work (your investors will want to know this to see if you are prepared).  Also, you need to be prepared for the unknown and operational “pitfalls” so that if something happens that hurts your business you have a plan to bounce back and recover (investors also want to know about this).

7)  YOUR BUSINESS PROPOSAL (the END product):  You and your partner(s) will be creating a business proposal.  In this proposal you will include all of the elements (#1-5) listed above.  You have a few options of how you can present your business proposal to the “Shark”:
- present your business proposal via powerpoint
* this your only option, technology must be used for this final business proposal to the “Shark”.  No posters, this requires more in-depth analysis than a poster presentation could accomplish.
- your final business proposal is due
- you will be evaluated based on self-evaluation, peer evaluation, and teacher/”Shark” evaluation.  Teacher evaluation will be based on:
            a)  ability to collaborate (work together);  this includes in class and outside of
class collaboration
         b)  knowledge of the business world and business competition (based on what
you have learned/researched)
c)  quality of presentation and business proposal (does it make the “Shark”
want to invest in your business?).  Is it interesting, does it make the audience want to buy your product or want to know more about your business ideas and ventures?

General Help Articles/Resources to Read on Business Practices