Introduction To Business

Ms. Swaminathan
Chapter 1 Notes 2021

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Chapter 1, Lesson 1

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 Welcome to Grade 10 Introduction to Business 2020!
Ms. Swaminathan

Things To Do
Intro to the course
Intro to Online learning
To Contact Teacher outside of class hours:

Email me:

[email protected]
OR:
Email me thru D2L
 All About Me: Ms. Swaminathan
Loves….
Travelling especially going on cruises to the
Caribbean!
Spending time with family and friends
Trying new food and cooking new recipes!
Welcomes…
Questions
 Suggestions
 Extra help – business office
Grade 10 BusinessTopics:
- Intro to Business
- Non Profit Vs For Profit
- Marketing, Accounting, Finance
- Entrepreneurship
- Human Resources/Management
- Banking
- Savings
- Business Management

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BBI 2021 – Online learning
There is a website for this class on D2L

All Notes/Assignments will be posted on D2L

For the online website, you will need to read

the notes the day before coming to class

The CPT will also be posted on D2L

For Online Learning
For online teaching sessions I will be using
MS TEAMS
You will be able to join the meeting by
clicking the invite email link through your
board email
OR: you can join by clicking on the
notification on the right hand side of your
email the day of the meeting
Please MUTE your microphone and your
camera
You can post questions in the chat box
Course Breakdown:
These sections are broken down
into 13 chapters.

THE SEMESTER is also broken

down into three sections: The
term work and your CPT.

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Where do my Marks come from?
End of Unit Assignments
In-class assignments 70% Term Marks
Group Projects

Culminating Activity - 30%

Class Brainstorming:
When you hear the word – “Business” what
words come to your mind?

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 Chapter 1: What Is a Business?

Businesses come in many shapes and sizes, such as

local, regional, national, and/or global.

For-Profit Business

A for-profit business produces or sell goods and

services to satisfy the needs, wants, and demands
of consumers for the purpose of a making profit.

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Chapter 1: Economic Basics
What Is a Business?

For-profit Business

By supplying goods and services, a business can make a profit.

• Profit is the income left after all costs and expenses are
paid.

• Expenses are the payments involved in running a business

and the assets that get “used up” when operating it.

• IMPORTANT EQUATION:

Revenue – Expenses = Profit (or Loss)

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Chapter 1: Economic Basics
What Is a Business?

When a business makes a profit, it can do the following:

• reinvest money for expansion

• Make improvements to goods and services that it offers

(for example, providing different sizes/colours for a
product)

• give the owner(s) funds to spend on personal needs or

wants

The business is considered solvent (profitable) when debts

are paid and they are making a profit.

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Chapter 1: Economic Basics
What Is a Business?

Non-profit Organizations
The primary motive of a non-profit organization is to raise funds
for a specific goal (for example – raise money for cancer research).

These organizations operate to serve people and their

communities.

A not-for-profit organization uses any surplus funds to improve

the services offered to its members.

Question: Do you any examples of non-profit organizations?

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Examples of Non Profit Businesses
Churches
Salvation Army
Ontario Cancer Society
World Vision
Free the Children
Sharelife

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Chapter 1: What Is a Business?
Channels of Distribution

A business can be classified according to how it delivers goods or

services to the customer.

Some of these categories are:

•Retail stores (also known as “bricks and mortar”)

•Wholesale warehouses like Costco
•By telephone
•E-commerce (selling products/services online)

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Chapter 1: Economic Basics
The Role of the Consumer
Producers are the businesses that make goods or provide services that
consumers need or want.

Consumers are the people who purchase goods and services from
producers.

A marketplace or location is where producers and consumers come

together to buy and sell their goods and services.
In 2021, most shopping is done online, a lot of traditional retail stores are
closing down such as departments stores/malls especially because of
the Coronavirus last year

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Chapter 1 continued: Economic Basics
The Role of the Consumer

Businesses use consumer habits and their own research to decide

what quantities of goods and services they will provide to consumers.

Some key questions that businesses might ask about themselves are:

•When do they want these goods and services?

•Where do they want them?
•How much goods or services do they want?
•What price will they pay for these goods and services?

Consumers greatly influence businesses in regards to what they produce

and how they deliver it.

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Chapter 1: Economic Basics
The Role of the Consumer
Consumer Influence on Products
In the past, businesses controlled what, when, and the amount
of products and services available to consumers.

With increased competition, consumers ultimately buy from

businesses that meet their personal needs and wants.

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Chapter 1: What are obsolete products?

When Products Become Obsolete:

Over time, products or services can become obsolete because

people no longer want or need them.

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Class Discussion
What products do you know of that have
become obsolete? (for example, you don’t see
these products in the stores anymore)

One example is a typewriter!

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Chapter 1: Economic Basics
The Role of the Consumer
Consumer Influence on Price

Businesses are in control when they have pricing power.

They can increase prices in response to increased costs or to increase

their profits.

For example, Oil and Gas companies and cellphone companies in

Canada

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Chapter 1: Economic Basics
The Role of the Consumer

Consumer Influence on Service

Consumer purchasing power gives individuals the control to buy

goods and services at the price they want and the location they like.

This power influences the products, prices, and service levels that
businesses offer consumers.

TREND: More consumers have more choices in what to buy and where
to buy it from. They are using price matching apps like FLIPP

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CNBC Video Clip: Why you Spend So much Money at IKEA (14
min)
https://www.youtube.com/watch?v=za8FOavz
tZQ&list=PLOGNXh7nTnpcV-Y2K-e29Tof2n04
2RGuK&index=1

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Individual Activity – Submit on D2L
Please write a paragraph telling me a little bit about yourself by answering the following
questions:

1) Why did you sign up for this course? What do you hope to learn?

2) What is the best thing you did this summer?

3) Were you born in Canada? If not, where have you lived and for how many years?

4) Write down 3 words that describe you as a person.

5) How do you learn best?

6) Do you have a part-time job?

7) What are your favourite things to do when you are not at school?

8) What grade do you hope to achieve in this class? Why?

9) Did you enjoy the last school year? Why or why not?

10) What is one important thing that I can do as a teacher to help you succeed in this class?

11) Any medical concerns? Please list any allergies as well.

12) What do you want to do when you graduate high school?

Chapter 1, Lesson 2

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Why Dunkin Donuts is Failing in India (8
min clip)
https://www.youtube.com/watch?v=BXXdcgc
hAVw

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Video clip Questions
Why Did Dunkin Donuts fail?
What is different about the way Indians
prefer to eat breakfast compared to North
Americans?
What other fast food restaurants were
successful in India? Why?

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Partner Brainstorming:
Turn to the person beside you and discuss
the following question:

What is the main differences between a profit

business and a non-profit business? Give 2
examples of each.

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Partner Brainstorming
What are needs and wants? Provide 3
Examples of each.

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Chapter 1: Consumer Needs and Wants
Consumer Needs and Wants
Entrepreneurs often start businesses to satisfy consumer needs.

Basic survival needs for individuals are food, clothing, and shelter and
the ability to have access to the internet.

However, entrepreneurs can also provide consumers with new products

or services that are not considered a need but a want—something that
adds comfort or pleasure to their lives.

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 Chapter 1: Economic Basics
Starting a Business
Characteristics of Entrepreneurs

Entrepreneurs are individuals who decide to create their own business

to meet a demand in the market.

Class Discussion:
What types of characteristics do you think entrepreneurs should have?

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Chapter 1: Starting a Business

Attracting Consumer Interest

Entrepreneurs need to identify their competition. They must
determine how to attract their customers and keep them.

Businesses also plan what goods and services to offer and

how to distribute and market them

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Chapter 1: Starting a Business
Attracting Consumer Interest
Businesses compete for consumers money.

Here are a few strategies that businesses use to help attract buyers to
try a product or service.

• Create something new and/or improve it.

• Promote the latest trends.
• Compete with similar businesses.

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Chapter 1: Starting a Business

Making Good Business Decisions

Entrepreneurs face many decisions on a daily basis.

Even deciding how much inventory or stock (i.e., the quantity of goods
and materials to keep on hand) must be considered carefully because of
the financial resources available.

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Socially Responsible Non-Profit
Businesses
Social Entrepreneurs start their
business to make society better
in some way.

They have a mission that is

focused on doing GOOD.

Some examples of non-profits

are: Free the Children by Craig
Kielburger, TOM’s by Blake
Mycoskie.
 How Nike Became The Most Powerful
Brand In Sports
https://www.youtube.com/watch?v=tbnGIh1a
ad0

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Chapter 1, Lesson 3

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Why McDonalds failed in Iceland
https://www.youtube.com/watch?v=AT-E_eMi
wgk

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Questions
Why did McDonalds Fail in Iceland?
What were the costs the Mcdonald’s did not
anticipate?
Where were the materials coming from to
make the burgers?
Why is important to consider how you are
going to get your supplies in a business?

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Chapter 1: Economic Resources
Economic resources, also known as factors of production,
are the means through which goods and services are made
available to consumers.

Most products require a combination of:

• natural resources (raw materials – wood, rubber, metals)
• human resources (labour)
• capital resources (*which is money/financial resources like
bank loans!)

Businesses are interdependent, which means they rely on the

goods and services from a variety of businesses to satisfy
consumer needs and wants.

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What is the relationship between demand,
supply and price?
Demand
Demand – is the quantity of a good or
service that consumers are willing and able to
buy at a particular price.

We all have different needs and wants, so we

have different demands
When buying a particular product/service, we
are expressing a demand for it!
Chapter 1: Demand, Supply, and Price

Several conditions that create demand are:

• consumer awareness of a product/service
• Price of the product
• How much supply they have of a product
• Accessibility (how easy it is to get the product/service)

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Chapter 1: Demand, Supply, and Price
Law of Supply

Supply is the quantity of a good or service that businesses

are willing and able to provide within a range of prices that
people would be willing to pay.

Increasing the quantity supplied as prices increase is

called the law of supply.

Several conditions that affect supply are:

• the cost of producing or providing a good or service

• the price consumers are willing to pay for it

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Demand, Supply and Price
The amount of a good or service that we
demand, the amount of a good or service that
suppliers supply, and the price of a good or
service all affect one another.
Law of Demand:
Law of Demand- Usually consumers will buy
more (increase demand) as price decreases.

As prices increase, consumers buy less

(decrease demand)

Example:
When Prices goes ↑, Demand goes ↓
When Price goes ↓, Demand goes ↑
Factors that Affect Supply (I.E. Increase or
Decrease supply)
The supply of a good or service is affected by
the cost of producing it and to some extent by
the price people are willing to pay for it.
Factors that Affect Supply (I.E. Increase or
Decrease supply)
Factors that affect supply:
Change in the number of producers
The price of related goods
Change in technology
Change in expectations-producers must always
plan ahead to forecast sales, production etc.
Factors that Affect Supply (I.E. Increase or
Decrease supply)
 Factors that affect supply - continued:

Change in costs in production

For example: If a baker can find a lower cost
source of sugar and flour he/she can produce
more cakes for the same cost of production.
Supply and Demand…
As you have seen, both demand and supply
change as a result of the actions of
consumers and producers
Think about the Pandemic in 2020…
What products were in high demand?

What products were in low demand?

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Pricing during Pandemic:
Video Clips
CNBC 2020 (video clip 2 min)
https://www.youtube.com/watch?v=MWYmIW
IkfYM

Who's ripping you off? Pandemic price

gouging (Marketplace – 7 min clip – Nov 2020)

https://www.youtube.com/watch?v=xy5eAYIB
X30

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Price
Prices tend to fluctuate because demand and
supply are constantly changing

Example: When summer comes to an end,

businesses will put summer goods on sale to
clear them out and make room for winter stock
Most clearance sales happen in January and
July in Canada
Price
Price is determined by many factors
including supply and demand
If consumer demand for a good or service is
high while the supply of that good or service
is low, prices will tend to be higher
If consumer demand for a good or service is
low while the supply of that good or service is
high, prices will tend to be lower
Class Discussion
Q.Give an example of a product whose price
tends to fluctuate up and down. Do increases
in price affect people’s purchases?

Q. For the same product that you mentioned

above, do reductions in price encourage or
allow customers to buy more? Explain.
How stores make you spend more
https
://www.youtube.com/watch?v=zVplgl3-pRM

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