Today is a Review of some of the things we have learned so far. 

You are to play a game of JA Titan again. This time, keep in mind the importance of Supply and Demand, the importance of Marketing, R & D Research and Development.

This is for marks, here is the marks breakdown: 

If you play a Short Game and get a Performance Index Score of 60+ you get 3/5
If you play a Medium Game and get a Performance Index of 50+ you get 3/5
If you play a Short Game and get a P.I. of 90+, you receive 4/5
If you play a Medium Game and get a P.I. of 80+ you receive 4/5
If you play either a Short, Medium, or Long game and get 100+ you will get 5/5
(If you try 2 games and still can't score a high Performance Index, you will still receive a 3/5)
Good Luck
Here is the link: http://titan.ja.org/

Here are the terms.  Quiz next Wednesday


"Tragedy of the commons"
Marginal Cost/Marginal Benefit
Supply and Demand
Free Market
Econominc Cycle: Growth, Boom, Recession, Depression
Business ownership: Sole Proprietorship, Partnership, Corporations
Franchise
Joint Ventures
Multinational Corporations
Ethics
Whistle Blowing
Insider Trading
Fraud
Triple Bottom Line (Profit, Planet, Profits or Environmental, Finanncial, and Socially Responsible)
Planned Obsolecence (Story of Stuff)
Percieved Obsolecene (Story of Stuff)

Invention
Innovation
(How inventions/innovations can have both positive and negative impacts)

Human Resourses
Skilled Labour
Unskilled Labour
employee turnover

Salary
Salary plus Commission
Hourly wages
Commission

How to deal with Customer Complaints?
LEARN
Listen,
Empathize
Apologize
React
Now

Leader vs Manager
Democratic leader
Autocratic
Laissez faire

Raw Material
Processing
Quality Control
Capital.

Economies of Scale
Dis-economies of Scale

Natural Resources

Production Cost 
Landed Cost

Fad,

Niche,

Seasonal

Target Market

Brand

Reach:
Frequency:
Selectivity:
Durability:
Lead-Time:
Mechanical Requirements:
Clutter:
Costs:

asset
gross profit
liability
net profit
operating expenses
revenue
transaction

Dragons Den

Read the article "Networking 101 and answer the following questions"

1. What is networking?

2. Why is networking important, especially to small businesses?

3. What are some of the do's and don'ts of networking?

Today we will be talking about press releases and you are to write a press release for your or another business and then POST it as a comment on this site! If you can't, email it to me, and I will post if for you. 

Youtube Video

Examples

Template and instructions

Furniture 

Sorry for being away today

First Finish you Booklet and Hand in for tomorrow.  Everyone needs to submit a booklet.  The last pages are the most important. 

According to a report released yesterday, the worlds richest 1% control more than half of all the worlds wealth.  Please read the article HERE.

1. How much wealth does the poorest 50% of the world control?

2. There is a economic theory called 'trickle down economics'.  According to that theory, rich people will spend there money and by them spending it places, it will create jobs for the poor and spread the wealth.  What is your opinion of this theory?  Will it spread the wealth out by having a few very rich people, spending their money, or will that only concentrate the money since they will only spend in a few places and not all over?

3. We know that one dollar spent 5 times in Canada is 5 dollars to the Canadian economy.  One theory is that if you have 1000 people spending one million dollars each, it is better than having 1 person spending one billion since the 1000 peoples money will be spread out more.  To accomplish this however, the current tax set up may need to change.  Would that be ethical?  Would it be economically justified?

4.  There have been many studies on happiness.  If you compare someone who makes $5000 a year with someone who makes $50,000 a year, the person who makes $50,000 is usually far more happy than the person who makes only $5000.  However, when you compare the average person who makes $50,000 with the average person who makes $5,000,000 a year, the millionaire is only slightly more happy.  (In fact, a recent study shows that most Canadians happiness peaks at a salary around $75,000 per year).
a) How much do you think that you would want to make a year to make you happy?  Think about your vision of success.
b) Should companies/the owners/entrepreneurs have an ethical duty to try and spread out their wealth?
c) If money is only part of the happiness equation, what other things do people want to make them happy? 

Today we are going to start with a video on Lousy Labels.

Questions

1. Why do companies use terms such as 'Natural' and 'Organic' when describing their product?
2. Is it legal for companies to say a product is 'natural' even if it mostly isn't?
3. Pick a product (preferably one that you actually use) that is 'natural'.  Research to see how 'natural/or organic' it is.  Explain what you find or don't find.

Have your ad submitted to Mr. Southwell and be done up to page 21 in the booklet.

Go to the this LINK.  It is a list of 50 business ideas for teens.  Pick one of the business ideas and imagine that you are going to start that business or someone you know is going to.  Using your knowledge of business, work through the following questions with that business in mind.  Use as many terms that you know that are relevant in your answers.  Show what you know in your own words.  Not cut and paste. This can be a business group assignment.   Good luck!

1. What is the business idea?
2. What 'branding' would you do with that business or suggest someone else do? (you do not need to have a full brand plan but talk about it in general as it relates to the business)
3. What form of business ownership would be best for that business?
4. What would a good money plan be: where to get start up capital? What type of costs would be involved? Estimate a break-even point.
5. Briefly explain the business using each of the 4 p's.
6. Would there need to be employees? Why or why not?  If yes, what management style would work best? What qualities would you look for in hiring?
(7). This will only apply to some businesses: What production methods would work best for making the products?