Lesson Title: Understanding External Influences on Business Activity

Lesson Objective: By the end of this lesson, students will be able to: 1. Define and explain the concept of external influences on business activity. 2. Identify and analyze various external influences on business activity. 3. Understand the impact of external influences on business decision-making and strategies.

Lesson Outline:

1. Introduction (5 minutes) a. Greet the students and provide an overview of the lesson. b. Explain the importance of understanding external influences on business activity.

2. Definition and Explanation (10 minutes) a. Define external influences on business activity. b. Discuss the difference between internal and external influences. c. Provide examples of external influences such as economic, social, technological, political, and legal factors.

3. Types of External Influences (15 minutes) a. Divide the class into small groups. b. Assign each group a specific type of external influence (e.g., economic, social, technological, political, legal). c. Instruct the groups to research and prepare a short presentation on their assigned type of external influence. d. Allow each group to present their findings to the class. e. Facilitate a class discussion to highlight the key points and connections between different types of external influences.

4. Impact on Business Decision-making (15 minutes) a. Discuss how external influences can affect business decision-making. b. Provide real-life examples of businesses adapting their strategies due to external influences. c. Engage students in a brainstorming activity to identify potential challenges and opportunities for businesses arising from external influences.

5. Case Study Analysis (20 minutes) a. Provide a case study related to a specific external influence (e.g., economic recession, technological advancements, changing consumer preferences). b. Divide the class into small groups and assign each group a specific aspect of the case study to analyze. c. Instruct the groups to identify the impact of the external influence on the business in the case study and propose suitable strategies to address the challenges or leverage the opportunities. d. Allow each group to present their analysis and recommendations to the class. e. Facilitate a class discussion to compare and evaluate the different approaches.

6. Conclusion and Reflection (5 minutes) a. Summarize the key points discussed in the lesson. b. Encourage students to reflect on the importance of considering external influences in business decision-making. c. Provide an opportunity for students to ask questions or seek clarification on any concepts covered in the lesson.

7. Homework Assignment (5 minutes) a. Assign a homework task that requires students to research and analyze a recent news article or case study related to external influences on business activity. b. Instruct students to write a short report summarizing the external influences identified and their impact on the business in the article or case study.

Note: The duration of each activity can be adjusted based on the available class time and the pace of student engagement.