What are some examples of variable costs for a business?.What are some examples of fixed costs for a business?.Ask the students the following questions to check for prior knowledge and expand understanding of business vocabulary and concepts:.Show Slide 1 and review the terms that define the different types of costs that any business has.Capital resources are goods produced by people and used in the production of other goods and services. Many of these inputs are known as capital resources or physical capital. In this case the inputs are needed to produce a service. Explain that the materials that they identified are known as inputs – the things needed to produce an output – which is a good or service.( Truck, saw, hammer, nails, drill, drywall, plunger, etc.) Ask students to name some of the materials that he or she will need to purchase. An entrepreneur wants to start a business as a handyman. Point out that not all entrepreneurs are famous.Give examples of entrepreneurs and also encourage the students to share if any of their family members are entrepreneurs:.Explain that entrepreneurs are people who are willing and able to take a risk in starting a new business with the aim of making a profit. For the following procedures students can remain in groups or return to their original seats.Ask the students to share what math skills are needed to complete the tasks that they identified in the previous activity.Ask the other groups to share their responses that are different from those taped on the board. If desired, you may give a small prize to the winning group, such as candy. Ask each group how many index cards they filled and have the group with the most share its responses with the class by taping its index cards to the board. Once the 60 seconds are up, have the groups add up how many index cards they filled.Using the index cards that were handed to each group, have the students write one response on each card. Tell the students that they will have 60 seconds to list as many ways as possible that math is used in the process of creating and/or running a business. Distribute about 10 index cards to each group. Divide the students into groups of about four.New capital usually provides a company with higher levels of output, efficiency, and eventually more profit. Physical capital includes any buildings, tools, equipment, and machinery used in the production of goods and services. By carefully looking at this data, business people are able to better determine how much they should spend on new physical capital. Good business executives carefully calculate all of their costs, and the amount of product and/or services that are produced. The goal for any business is to earn profit, but before that happens businesses must cover the costs of running the business and these costs include the purchase of new equipment, rent, wages, salaries, and other resources used in the production process. Running a business is an expensive venture that requires hard work and careful planning. Write a paragraph explaining what breakeven analysis is and the important role it plays for a business.is breaking even with the number of units sold. Using the information below, determine whether Twin Star Inc.It allows the company owner to predict what his or her sales will be.It is a way the business owner can predict the amount that he or she needs to spend to keep the business functioning.It is the point at which the company is making a loss and may need to consider restructuring or closing.Why is it important for a new business owner to calculate his or her breakeven point?.
If Timmy decides to sell his lemonade at $1.25 per cup, how many cups of lemonade will he have to sell to break even?
He has decided to use his savings to purchase the newest and fastest blender called the BlendAll which costs $400, and in addition he buys lemons, water, sugar, and ice at a cost of $.15 per cup of lemonade. Timmy wants to start a lemonade stand.
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