Business Terms

Today, the student’s learned necessary business economic terms, which included business, entrepreneur, revenue, expense, profit, profit equation, and entrepreneurial cycle. The learners did meet the objectives, which included: (1) Given the Given a matching worksheet with seven vocabulary words (business, revenue, expense, profit, profit equation, entrepreneur, and entrepreneurial cycle), the student will match the correct vocabulary term with the correct definition, and (2) Given a profit equation worksheet with three word problems, the student will answer at least two questions correctly. When asked to provide company names, the students displayed their high levels of prior knowledge about already existing companies. For example, a student provided the company name Wii and XBox. The students displayed strength in understanding and comprehending the terms by answering all the matching vocabulary review correctly. Also, the students displayed strengths in their ability to provide the appropriate definition. For example, when the student teacher asked the students to define “business” the student said, “a business is a company that sells items” so the teacher had to clarify that a company can sell services, such as photography, in exchange for money. Although students displayed strength in providing the definition for the economic terms, answering the scenario questions posed a challenge for the students.  For example, when provided with the statement “Wendy was given money for making yard sale posters for her neighbors, she now has revenue” as well as asked to decide whether or not it is an example of revenue, many students said it was not when it, in fact, is an example of revenue.