Embed Size (px)
Citation preview
Splash Screen
Chapter Menu
Chapter Introduction
Section 1: Types of Businesses
Section 2: The American Labor Force
Section 3: Businesses in Our Economy
Visual Summary
Chapter Intro 1
Businesses and labor organizations play a major role in our nation and communities. They work separately, as well as together, to make people’s lives better by keeping the economy as healthy as possible.
Chapter Intro 2
Section 1: Types of Businesses
Market economies rest upon the fundamental principle of individual freedom for consumers, producers, and workers. The three basic types of business organizations in the United States are sole proprietorship, partnership, and corporation.
Chapter Intro 2
Section 2: The American Labor Force
Market economies rest upon the fundamental principle of individual freedom for consumers, producers, and workers. Labor unions represent about 14 percent of U.S. workers and play an important role in the nation’s economy and political life. They negotiate wages and workplace agreements with management.
Chapter Intro 2
Section 3: Businesses in Our Economy
Market economies rest upon the fundamental principle of individual freedom for consumers, producers, and workers. Businesses play many different roles in our economy, including that of consumer, employer, and producer. Businesses also have responsibilities to their consumers, owners, employees, and communities.
Section 1-Main Idea
Guide to Reading
Big Idea
Market economies rest upon the fundamental principle of individual freedom for consumers, producers, and workers.
Section 1-Key Terms
Guide to Reading
Content Vocabulary
• sole proprietorship
• financial capital
• partnership
• articles of partnership
• corporation
• charter
• stock
• stockholder
• board of directors
• cooperative
Section 1-Key Terms
Guide to Reading
Academic Vocabulary
• sole
• consult
• clarify
A. A
B. B
Section 1-Polling Question
Should businesses enjoy all the same freedoms that private citizens do?
A. Yes
B. No
0%0%
Section 1
Proprietorships
The most common, and simplest, form of business organization in the United States is the sole proprietorship.
Section 1
Proprietorships (cont.)
• Sole proprietorships are the simplest and most common form of American business.
• Advantages:
– Easy to start
– Quick decisions without the need to consult a boss or partner
– No corporate taxes
Section 1
• Disadvantages:
– Unlimited liability
– Difficult to raise financial capital
– Difficult to find good employees
Proprietorships (cont.)
Forms of Business Organization
A. A
B. B
Section 1
Do you think it would be easy and fun to run your own business?
A. Yes
B. No
0%0%
Section 1
Partnerships
A partnership is a business owned by two or more people.
Section 1
Partnerships (cont.)
• A partnership is a business run jointly by two or more owners.
• Articles of partnership used to clarify business setup
Section 1
• Advantages:
– Easier to raise money
– Add partners if needed
– No corporate taxes
– Partners bring unique talents
Partnerships (cont.)
Section 1
• Disadvantages:
– Complex legal structure
– Unlimited liability
Partnerships (cont.)
A. A
B. B
Section 1
Do you think partners should be financially responsible if a customer is injured while being careless at their business?
A. Yes
B. No
0%0%
Section 1
Corporations
The corporation is a business recognized by law and is the most complicated of the three main types of businesses.
Section 1
Corporations (cont.)
• A corporation has many of the rights and responsibilities as an individual.
– One-fifth of all businesses
– Need a charter to establish
– Can sell stock
Corporate Chain of Command
Section 1
• Stockholders elect board of directors.
• Managers actually run business
Corporations (cont.)
Section 1
• Advantages:
– Easy to raise funds
– Can grow to be huge
– Can hire professional managers
– Limited liability
Corporations (cont.)
Section 1
• Disadvantages:
– Expensive to start
– Owners have little control
– More government regulation
– Double taxation
Corporations (cont.)
Section 1
• Some organizations are nonprofit:
– Churches
– Hospitals
– Social services
– Cooperatives or voluntary associations
Corporations (cont.)
A. A
B. B
C. C
D. D
Section 1
0% 0%0%0%
Which business do you think would best be set up as a corporation?
A. Beauty parlor
B. Doctor’s office
C. Sandwich shop
D. Skating rink
Section 2-Main Idea
Guide to Reading
Big Idea
Market economies rest upon the fundamental principle of individual freedom for consumers, producers, and workers.
Section 2-Key Terms
Guide to Reading
Content Vocabulary
• labor union
• right-to-work law
• collective bargaining
• mediation
• arbitration
• strike
• boycott
Academic Vocabulary
• comprise
• technique
• option
A. A
B. B
Section 2-Polling Question
Are labor unions good for American business?
A. Yes
B. No
0%0%
Section 2
Organized Labor
Labor unions play an important role in the nation’s economy and political life.
Section 2
Organized Labor (cont.)
• Labor unions help workers obtain better pay and working conditions.
• Only 14% of U.S. workers are in unions.
Right-to-Work States
Section 2
• Two types of unions:
– Craft or trade unions
– Industrial unions
Organized Labor (cont.)
Section 2
• Different levels of union organization:
– Local union
– National union
• Federation – American Federation of Labor-Congress of Industrial Organizations (AFL-CIO)
Organized Labor (cont.)
Section 2
• Union arrangements:
– Closed shops now illegal, but once common
– Union shops require employees to join union after being hired
– Modified union shop gives hirees a choice
Organized Labor (cont.)
Section 2
– Twenty-two states have right-to-work laws
– National Labor Relations Board (NLRB) regulates
Organized Labor (cont.)
A. A
B. B
C. C
D. D
Section 2
0% 0%0%0%
If you were hired by a business that had a modified union shop, would you join the union?
A. Yes
B. No
C. Probably
D. Probably not
Section 2
Negotiations (cont.)
• Unions engage in collective bargaining for their members.
• Negotiations focus on:
– Wages
– Health care
– Holidays
– Working conditions
– Procedures for changing rules
Section 2
• Options for coming to agreement:
– Mediation
– Arbitration
Negotiations (cont.)
Section 2
• Labor tools:
– Strike so business has to shut down or give in
– Encourage public to boycott until business changes
Negotiations (cont.)
Labor Union Trends
Section 2
• Management tools:
– Lockout workers until they accept new contract
Negotiations (cont.)
• Government may step in under extreme circumstances.
• Public employees may also join labor unions.
A. A
B. B
C. C
D. D
Section 2
0% 0%0%0%
Which seems like the most effective method for a business and a union to come to an agreement?
A. Strike
B. Lockout
C. Mediation
D. Arbitration
Section 3-Main Idea
Guide to Reading
Big Idea
Market economies rest upon the fundamental principle of individual freedom for consumers, producers, and workers.
Section 3-Key Terms
Guide to Reading
Content Vocabulary
• transparency
• discrimination
• social responsibility
Academic Vocabulary
• foundation
• crucial
• reveal
A. A
B. B
C. C
D. D
Section 3-Polling Question
0% 0%0%0%
What is a business’ first responsibility to?
A. its owners
B. its employees
C. the community
D. its customers
Section 3
Roles of Business
Businesses play many different roles in our economy. Businesses also have many responsibilities.
Section 3
Roles of Business (cont.)
• Businesses do more than produce goods or services.
• Other roles in economy:
– Consumer
– Employer
– Donor, often through foundation
A. A
B. B
Section 3
Do you know of any companies in your city that do community service?
A. Yes
B. No
0%0%
Section 3
Responsibilities
Businesses have responsibilities to their consumers, owners, employees, and communities.
Section 3
Responsibilities (cont.)
• Responsibilities to consumers:
– Safety
– Honesty
– Fairness
– Government enforces
Section 3
• Responsibilities to owners:
– Transparency or full financial disclosure
Responsibilities (cont.)
Section 3
• Responsibilities to employees:
– Safety
– No discrimination
Responsibilities (cont.)
Section 3
• Responsibility to community:
– Social responsibility, such as gifts to charity
– Volunteer programs
– Support education
– Disaster relief
– Public environmental awareness
Responsibilities (cont.)
A. A
B. B
Section 3
Do you agree that businesses should have social responsibility?
A. Agree
B. Disagree
0%0%
VS 1
Business
• Sole proprietorships are small, easy-to-manage enterprises owned by one person.
• Proprietorships are relatively numerous and profitable.
• Disadvantages include raising financial capital and attracting qualified employees.
• Partnerships are owned by two or more persons.
• Corporations are owned by shareholders.
VS 2
Business
• One of the major advantages of a corporation is limited liability.
• A major disadvantage of corporations is that they are taxed more heavily than other forms of business organizations.
VS 3
Responsibilities
• Businesses have a responsibility to provide safe, working products to their customers.
• Businesses have an obligation to pursue goals that benefit society as a whole as well as themselves.
VS 4
Labor
• For much of its history, organized labor in the United States has been split into two groups: craft unions and industrial unions
VS 5
Labor
• Organized labor operates at three levels:
• local union
• national union
• federation
• The closed shop (now illegal) required that employers hire only union members.
VS 6
Collective Bargaining
• Collective bargaining is the process by which unions and employers negotiate the conditions of employment.
• When collective bargaining fails, several other methods are available to settle labor disputes.
Figure 1
Figure 2
Figure 3
Figure 4
TIME Trans
DFS Trans 1
DFS Trans 2
DFS Trans 3
Vocab1
sole proprietorship
a business owned and operated by a single person
Vocab2
financial capital
money used to buy the tools and equipment used in production
Vocab3
partnership
a business owned by two or more people
Vocab4
articles of partnership
formal legal papers specifying the arrangement between partners
Vocab5
corporation
type of business organization owned by many people but treated by law as though it were a person
Vocab6
charter
a written document granting land and the authority to set up colonial governments; or a government document granting permission to organize a corporation
Vocab7
stock
ownership share of a corporation
Vocab8
stockholder
an individual who has invested in a corporation and owns some of its stock
Vocab9
board of directors
people elected by the shareholders of a corporation to act on their behalf
Vocab10
cooperative
a voluntary association of people formed to carry on some kind of economic activity that will benefit its members
Vocab11
sole
being the only one
Vocab12
consult
to seek information or advice from a person or resource
Vocab13
clarify
to make something more understandable
Vocab14
labor union
association of workers organized to improve wages and working conditions
Vocab15
right-to-work laws
state laws forbidding unions from forcing workers to join
Vocab16
collective bargaining
process by which unions and employers negotiate the conditions of employment
Vocab17
mediation
situation in which union and company officials bring in a third party to try to help them reach an agreement
Vocab18
arbitration
situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision
Vocab19
strike
when workers deliberately stop working in order to force an employer to give in to their demands
Vocab20
boycott
the refusal to purchase certain goods
Vocab21
comprise
to consist or be made up of
Vocab22
technique
procedures or methods by which something is done
Vocab23
option
an alternative or choice
Vocab24
transparency
process of making business deals more visible to everyone
Vocab25
discrimination
unfair treatment based on prejudice against a certain group
Vocab26
social responsibility
the obligation a business has to pursue goals that benefit society as well as themselves
Vocab27
foundation
the basis or groundwork of a structure or idea; an organization
Vocab28
crucial
of vital importance
Vocab29
reveal
to make known or show plainly
Help
Click the Forward button to go to the next slide.
Click the Previous button to return to the previous slide.
Click the Home button to return to the Chapter Menu.
Click the Transparency button from the Chapter Menu or Chapter Introduction slides to access the TIME Transparency that is relevant to this chapter. From within a section, click on this button to access the relevant Daily Focus Skills Transparency.
Click the Return button in a feature to return to the main presentation.
Click the Economics Online button to access online textbook features.
Click the Reference Atlas button to access the Interactive Reference Atlas.
Click the Exit button or press the Escape key [Esc] to end the chapter slide show.
Click the Help button to access this screen.
Links to Presentation Plus! features such as Graphs in Motion, Charts in Motion, and figures from your textbook are located at the bottom of relevant screens.
To use this Presentation Plus! product:
End of Custom Shows
This slide is intentionally blank.
