COURSE OUTLINE
Unit 1: Fundamentals of Economics
Economics and Choice
 Chapter 1:The Economic Way of
Thinking
 Chapter 2: Economic Systems
 Chapter 3: The American Free
Enterprise
Unit 2: Microeconomics
Market Economies at Work
 Chapter 4: Demand
 Chapter 5: Supply
 Chapter 6: Demand, Supply, and
Prices
 Chapter 7: Market Structures
Unit 3:
Types of Business Organizations
 Chapter 8: Types of Business
Organizations
Unit 4: Macroeconomics
Money and Banking
 Chapter 10: Money and Banking
Unit 5:
Measuring and Monitoring Economic
Performance
 Chapter 12: Economic Indicators
and Measurements
 Chapter 13: Facing Economic
Challenges
Unit 6:
The Role of Government in the
Economy
 Chapter 14: Government
Revenue and Spending
 Chapter 15: Using Fiscal Policy
Unit 7:
The Global Economy
 Chapter 16: The Federal Reserve
and Monetary Policy
 Chapter 17: International Trade
Unit 8:
Personal Finance
 Chapter 11: Personal Finance &
Financial Markets
CP Economics Organizer
Chapter 8: Business Organizations
The Big Picture:
Sole Proprietorships. A sole proprietorship is a business organization owned and controlled by one person. The advantages are: ease of
starting up or closing; freedom and control for the owner; few rules and regulations; and the owner’s exclusive right to profits. The
disadvantages are; limited access to funds; limited life, so the business ends if the owner leaves; and by far the most serious, unlimited
liability, which puts the owner’s personal assets at risk.
Partnerships. A partnership is a business co-owned by two or more people who agree on how responsibilities, profits, and losses will be
divided. In a general partnership, partners share management duties, profits and losses. In a limited partnership, at least one partner does
not run the business and is liable only for the funds he or she invested. All such partnerships must have at least one general partner who
runs the business and is liable for all debts. In a limited liability partnership, all partners are limited and responsible only for the amount
they invested as well as any losses brought about by their mistakes. The advantages of partnerships are ease of start-up, few regulations,
greater access to resources, shared decision making, and opportunities to specialize. The disadvantages are unlimited liability (except in
partnerships designed to prevent that), the potential for conflict among members, and limited life.
Corporations. A corporation is a business owned by shareholders who receive profits but have limited liability for losses. The advantages
are access to resources, limited liability, and unlimited life. The disadvantages are expensive and time consuming start up, heavy
regulation, double taxation (personal incomes as well as company profits are taxed), and loss of control for owners. Corporations often
merge to form new companies, such as multinational corporations with businesses in several countries.
Unit Pacing:
____– Sole Proprietorships &
Partnerships
Homework
____– Read p. 226-235
____—Read p. 238-242
____ – Corporations
____—Video Analysis: Walmart 3 & 4
____-- RETEACHING ACTIVITIES:
Sections 1 & 2
____—Chapter 8 Vocabulary Quiz &
TEST
Key Terms and Phrases:
(Reading Assignments)
____– Study Ch. 7
Vocabulary
Quiz & TEST
1.
2.
3.
4.
5.
6.
7.
Sole Proprietorship
Zoning law
Liability
Collateral
Longevity
Partnership
General partnership
8.
9.
10.
11.
12.
13.
14.
Corporate charter
Profit
Interest
Corporations
Articles of incorporation
Limited partnerships
Start-ups
____-- Unit Benchmark #3 TEST
Essentials Questions:
GPS
1. What is the difference between a proprietorship and a partnership?
2. Explain the how corporations are different and similar to partnership.
1. SSEMI4a
Course Website: http://www.gocats.org