Understanding Work and Employment

What is the difference between work and employment?

• Work is always paid, employment is not.

• Employment is a formal agreement, work can be informal.

• Work requires a contract, employment does not.

• Employment is temporary, work is permanent.

By the end of the lesson, what should students be able to do regarding businesses?

• Identify different types of businesses

• Create a business plan

• Analyze stock market trends

• Design a marketing strategy

Why do businesses exist?

• To provide entertainment

• To serve the community and generate profit

• To create art

• To explore space

What is one of the primary reasons businesses exist?

• To provide entertainment

• To make a profit

• To explore new technologies

• To travel the world

Why do businesses provide goods and services?

• To fulfill personal interests

• To meet customer demands at a price they are willing to pay

• To avoid competition

• To reduce production costs

Why do different types of businesses exist?

• To confuse customers

• To suit the needs of different owners/operators

• To increase taxes

• To limit competition

Which of the following is a positive aspect of being a sole trader?

• Responsible for all debt

• Potential long hours

• Simple and inexpensive to set up

• Pressure from multiple owners

Which of the following is a positive aspect of a partnership?

• All partners are responsible for the debts of the other partners

• Potential conflict

• Simple and inexpensive to set up

• Structure is not as easy to change

What is a potential negative of a partnership?

• Partners keep all profits

• Shared workload and expertise

• All partners responsible for the debts of the other partners

• Simple and inexpensive to set up

What type of business structure is commonly used by small local hairdressers or trades?

• Corporation

• Sole trader or partnership

• Franchise

• Cooperative