Name

_________________
Date
_________________

5 MINUTES ON YOUR OWN

(1) Write your own definition of an

5 MINUTES ON YOUR OWN

Economic System?

__________________________________________________________________________________________________
__________________________________________________________________________________________________

Trading game

Listen for instructions on spreading around the room in small groups

You will receive a bag DO NOT OPEN UNTIL instructed
o Round 1 Look at the contents of your bag but do not show anyone else
o Round 2 Take the contents of your bag out and place on your desks. You
may get up and walk around to look at the other content of all the other
students bags
o
o

Round 3 You may make trades within your small group only. You will have 3
minutes to trade your products for someone elses.
Round 4 You have 5 minutes to trade with any other student in the room!

ENTREPRENEURSHIP AND THE ECONOMY

TERM

DEFINITION

ECONOMICS

COMMAND
ECONOMY
Was there an example of this type of economy in
the Trading Game?

MARKET
ECONOMY
Was there an example of this type of economy in
the Trading Game?

FREE
ENTERPRISE
SYSTEM

SUPPLY

DEMAND

SUPPLY AND
DEMAND

Was there an example of this type of economy in

the Trading Game?

CURVE

NFTE Trading Game

Student Handout
Name: _____________________________ Date:
______________

Directions
1. Follow your teachers directions to start the game. After each round, you and your
classmates will be asked to rate your happiness on a scale of 1 (very unhappy) to 5 (very
happy). Record the number of hands you see for each round in the space below.
2. Multiply across row to get the weighted value of each hand.
3. Add the weighted values for each round to get the Total Happiness for each round.
4. Decide on a scale for Total Happiness and graph the data on the graph paper provided.
Round 1
# of
5s

X5
=

[A]

#of 4s

X4
=

[B]

# of
3s

X3
=

[C]

# of
2s

X2
=

[D]

# of
1s

X1
=

[E]

Total Happiness (1) = [A] + [B] +[C] + [D] + [E] = _______

Round 3
# of
5s

X5
=

[A]

#of 4s

X4
=

[B]

# of
3s

X3
=

[C]

# of
2s

X2
=

[D]

# of
1s

X1
=

[E]

Total Happiness (3) = [A] + [B] +[C] + [D] + [E] = _______

Round 2
# of
5s

X5
=

[A]

#of 4s

X4
=

[B]

# of
3s

X3
=

[C]

# of
2s

X2
=

[D]

# of
1s

X1
=

[E]

Total Happiness (2) = [A] + [B] +[C] + [D] + [E] = _______

Round 4
# of
5s

X5
=

[A]

#of 4s

X4
=

[B]

# of
3s

X3
=

[C]

# of
2s

X2
=

[D]

# of
1s

X1
=

[E]

Total Happiness (4) = [A] + [B] +[C] + [D] + [E] = _______

Total Happiness

Ro
un
d
1

Ro
un
d
2

Ro
un
d
3

Ro
un
d
4

(1)

What is a Business
Opportunity?

(2)
What are the 5 sources of
Business Opportunities?
1.____________________________
2.____________________________
3.____________________________
4.____________________________
5.____________________________
(3)
Of the seven strategies for
Thinking Creatively, what are three that you feel you
could do well? What are three you need to work on?
3 strategies of Thinking Creatively
that I could do well:

(4)
Opportunities?

3 strategies of Thinking Creatively

that I need to work on:

How can you turn Ideas into

1.___________________________________
2.___________________________________
3.___________________________________
4.___________________________________
(5)
What are the three ways you
can evaluate a Business Idea as an Opportunity?
1.___________________________________
2.___________________________________
3.___________________________________

Four Types of Businesses Bingo Notes

Directions: Fill in the graphic organizers below as your teacher goes through todays notes. If
you have any questions about the new material that you did not have a chance to ask, write
them at the bottom of the page.
Notes:

Type of
Business

Check
1:

Check 2:

Check 3:

Check 4:

Create
s
Produ
ct

Buys From

Sells To

Quantity
Bought/S
old
Examples

Manufactu
ring

Wholesale

Retail

Service

Guided Notes:
Company

Questions you have for your teacher:

Type of Business

Four Types of Businesses Bingo Independent

Practice
Directions: For each company below, determine whether it is a Manufacturer, Wholesaler,
Retailer, or Service. (Hint, Some companies might be more than one type of business.) After
you have determined what type business each company is, pick 9 of the companies and fill in
their names on your BINGO sheet below.
Company Name

Type of Business

Company Name

1. Duane Reade

9. Guitar Player

2. Costco

10.H&M

3. Rauls Car Repair Shop

11.Police Officer

4. Acme Construction
Company
5. Hanes White T-Shirt
Factory

Type of Business

12.Cecilias Cake Shop

13.Dell Computers

6. Staples

14.President Obama

7. Sonnys Snow
Shoveling
8. Bobs Buy-In-Bulk
Grocery

15.Mikes Medical
Supplies (sells in
large quantities)
TOTAL ________/15

Business BINGO!

Four Types of Business Ownership-Notes

I. Do Now

You have a great idea to set up an apple cider stand outside of school on Friday. You recruit a friend
to help you with the stand. On Friday, after only five minutes of selling, you and your friend have
already made $10! But, your mom calls and tells you that you have to get home immediately to
babysit your younger sister. Your friend tells you not to worry that shell run the stand and stop by
your place to give you half of the profits at the end of the day.
1. Do you trust your friend to give you half of the profits?
___________________________________
2. Do you think its fair that you both receive the same amount of the profit?
___________________
3. Who would be responsible for the loss of profit if a storm came and ruined the stand while your friend
was running it? ______________________________________________________________
II. Vocabulary

Liability: ___________________________________________________________________________
___________________________________________________________________________________

Unlimited Liability: Owner __________________forced to pay with personal money and possessions

Limited Liability: Owner ____________________ forced to pay with personal money and possessions

III. Guided Notes

Ownership
type
Sole
Proprietorshi
p
Partnership

Corporation

Who
owns?

# of
owner
s

Liabilit
y

Advantages

Disadvantages

Limited
Liability
Corporation
(LLC)

Types of Business Ownership-Independent Practice

Directions: For questions 1-5, identify the type of business ownership described in each scenario. For
questions 6-10, identify the type of business ownership that would be best for the business idea described in
the scenario.
Scenario
Ownership Type
1. Your mother and her five sisters all own a salon on Jackson Avenue. They pay all of
the salons bills and split all of the profit evenly among the group.

2. Apple is a large company that makes computers, tablets, phones, and software. Its
co-founder and CEO, Steve Jobs, recently passed away.

3. Every morning you stop by a breakfast cart to get a cup of hot chocolate. You always
take a few minutes to talk with Adnan, the only owner of the cart.
4. George and Georgette are both pediatricians and own a private practice together.
Even though they have insurance, they made sure that they have limited liability so
that they wont lose everything if either of them is sued for malpractice.
5. Juan, Juana, John, and Johna own a recording studio. Juan and John hate music, so
they dont actually do anything to help run the business, but they spent a lot of their
own money to get the business started.
6. You and your brother have a great idea for the worlds first fully solar powered car.
Youve drawn up a great business plan, but you cant get started until youve raised $5
million to cover the cost of the factory and workers that will produce the car. What
type of business ownership will be best for you and your brother?
7. Berta is a single mother who makes jewelry in the evenings so that she can earn a
little extra money for her and her two children. Women in the community have started
to buy Bertas necklaces in bracelets because theyre so creative. As her sales
continued to increase, Berta realized that she could make more money with her
jewelry business than her job. She wants to start her own company as quickly and as
cheaply as she can. What type of business ownership will be best for Berta?
8. You are a math genius, but youre not very creative. However, your two best friends
are incredibly talented artists. Who have been selling t-shirts on the weekends that
they designed themselves. They want you to become involved with the business
because they think that you could help them with the math parts of running their
company. What type of business ownership will be best for you and your
friends business?
9. Youre a phenomenal chef, so you want to start your own restaurant. Youve taken a
loan from the bank to cover the startup costs of your restaurant, but you wont have
much left over once you get the place up and running. You know that the restaurant
business is risky, and you want to make sure that your house and car cant be taken
by the bank if your restaurant fails. What type of business ownership will be
best?
10. Monika owns and operations three very successful cake decorating shops. As the
sole proprietor, she has benefitted from her business ownership structure because
she has not had to split any profits and she has had total creative control. Now
though, she is planning to turn her shop into a franchise so that other businesspeople
can open new decorating shops in upstate New York and throughout Boston. Which
type of business ownership will be best to meet her goals of expanding?

CHAPTER 7

Name _________________

7.1 What is Market Research

Date

_________________
Class _________________

5 MINUTES ON YOUR OWN

5 MINUTES ON YOUR OWN

What are your three favorite ways to spend your free

time?
(1) Quickly write down your list. You dont have to place them in any special order.
__________________________________________________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________

products or services that are involved in your three favorite free-

(2) Describe any

time activities:

Free-time activity

Products/Services involved

(3) Could knowing how your classmates like to spend their free time

information to business owners in your area?

be useful

Explain.

______________________________________________________________________________________________
_

_______________________________________________________________________________________________
_______________________________________________________________________________________________

7.1 What is Market Research?

TERM
Market
Researc
h

Market

Target
Market
Market
Segmen
t

DEFINITION

Other information
x

What are the three

main areas of your
market?

What is a customer
profile?

Demographics:
Geographics:
Psychographics:

Market Research Methods

Seconda
ry Data

Sources of secondary
data:
__________________________

____________________

____________________
Primary
Data

Sources of primary
data:
__________________________

____________________
____________________
Chocolate Bar Market Research Activity
Student Handout
Challenge: A company that makes chocolate bars is looking to invest in a new chocolate bar
created by a team of young entrepreneurs. However, it has yet to find an innovative and
exciting new product and brand that caters specifically to the market of youth ages 12-19. In
addition to a new chocolate bar idea, the company would like market research about its
feasibility before investing.

Part 1: Market Research

Instructions: Working in groups, develop a 6 question market research survey to research what
would be the best type of chocolate bar to sell to youth ages 12-19. Remember to ask questions
that will help you design a new product that people in that age group will want to buy. Ask your
teacher if you need help thinking of questions.
Write your questions in the space provided below. You will ask these questions to a classmate
who is in the target market of 12-19 year olds, and record their answers in the spaces below the
questions. Your group must get everyone in the room to take your survey. After getting your
responses, meet back with your group to put all your data together.

Question 1:

Question 2:

Question 3:

Question 4:

Question 5:

Question 6:

Part 1 Continued
List some of the key things you learned as a group from doing your research to share with the
class. Try to think of how you could use this information do develop a new chocolate bar.

Part 2: Develop a new Product

Instructions: Now it is time for your group to create a new chocolate bar based on your market
research. As part of your new product, your group must:

Design a NEW chocolate bar

Design a brand name, logo, and slogan
Identify what makes your chocolate bar different
Price of the bar and where it will be sold
Come up with a commercial to perform about your bar to judges or your classmates
EXPLAIN the reasoning behind your strategy and link it to the market research done

Remember: The reasons for your decisions that are supported by their market research are just
as important as creativity in this competition.

Competitive Advantage
(1)

What are Direct Competitors?

_________________________________________________________________
(2)

What are Indirect Competitors?

_________________________________________________________________
(3)
What are the three main types
of competitive advantage?
Term

Brief Definition

(4)
What are the six steps in
researching a market?
1.___________________________________
2.___________________________________
3.___________________________________
4.___________________________________
5.___________________________________

6.___________________________________