Lesson Plan: Three Types of Business
Grade Level: Senior High School (11th or 12th grade)
Subject: Business Studies
Duration: 60 minutes
Introduction: - Begin the lesson by asking students to brainstorm different types of businesses they are familiar with. - Discuss their responses as a class and highlight the diversity of businesses in terms of size, ownership, and purpose. - Explain that in today’s lesson, they will explore three main types of businesses: sole proprietorship, partnership, and corporation.
Lesson Outline:
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Sole Proprietorship (15 minutes) - Define sole proprietorship as a business owned and operated by a single individual. - Discuss the advantages and disadvantages of sole proprietorship. - Show a video resource that explains the concept of sole proprietorship. (Example: “Sole Proprietorship Explained” - https://youtu.be/8Xzv0vYXZd0) - Distribute a worksheet on sole proprietorship for students to complete individually or in pairs. (Example: “Sole Proprietorship Worksheet” - link to worksheet)
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Partnership (15 minutes) - Define partnership as a business owned and operated by two or more individuals. - Discuss the advantages and disadvantages of partnerships. - Show a video resource that explains the concept of partnerships. (Example: “Partnerships Explained” - https://youtu.be/7Xzv0vYXZd0) - Distribute a worksheet on partnerships for students to complete individually or in pairs. (Example: “Partnership Worksheet” - link to worksheet)
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Corporation (15 minutes) - Define corporation as a business entity separate from its owners, with shareholders and a board of directors. - Discuss the advantages and disadvantages of corporations. - Show a video resource that explains the concept of corporations. (Example: “Corporations Explained” - https://youtu.be/9Xzv0vYXZd0) - Distribute a worksheet on corporations for students to complete individually or in pairs. (Example: “Corporation Worksheet” - link to worksheet)
Questioning: - Throughout the lesson, ask students open-ended questions to encourage critical thinking and class participation. For example: - What are some advantages and disadvantages of sole proprietorship? - How does a partnership differ from a sole proprietorship? - Why might a business choose to become a corporation?
Assessment: - Assess students’ understanding through their completion of the worksheets on sole proprietorship, partnership, and corporation. - Review their answers and provide feedback to address any misconceptions or gaps in understanding.
Differentiation: - Provide additional support to students who may struggle with the content by offering simplified explanations or additional examples. - Challenge advanced students by asking them to research and present on other types of businesses, such as cooperatives or franchises.
Plenary: - Summarize the main points covered in the lesson, emphasizing the differences between sole proprietorship, partnership, and corporation. - Encourage students to reflect on the advantages and disadvantages of each type of business and consider which one they would choose if they were to start their own business. - Allow time for students to ask any remaining questions or seek clarification on any concepts discussed.
Note: The provided links to video and worksheet resources are fictional and should be replaced with actual resources that align with the lesson content.