Basic Business Terms

BBB4M
Relay Writing

● Form groups of 3-4

● Each write 1-2 word(s) related to the key word on the
board
● Each person must write at least one word
● Form a full definition using those words together
Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Exports
Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Economy
Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Gross Domestic Product(GDP)

Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Business
Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Industry
Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Market
Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Supply
Relay Writing

● Each write one word related to the key word on the board
● Each person must write at least one word
● Form a full definition using those words together

Demand
Definitions

Economy

● The wealth and resources of a country or region

● This depends on production and consumption of goods and
services

Trade Relationships

● When two countries exchange goods and services for money

Definitions

GDP

● The total value of all goods and services produced in a

region in a certain time frame

Business

● An organization manufacturing/sale of goods/services to

satisfy people’s wants and needs
Definitions

Industry

● A group of companies that have related business

activities

Market

● A place where people buy or sell things.

Definitions

Supply

● Total amount of a product or service at

a certain point of time, for a certain
price.

Demand

● Total amount of consumers who are

willing and able to buy a product at a
certain point of time, for a certain
price
Self-Sufficiency

● The ability to provide for all your basic needs, such as

food, clothing, shelter and water, without relying on
anyone else
Design a Self-Sufficient Country

● Take out a piece of paper

● Follow the rules to design your ideal, self-sufficient
country
○ Half of your country must be farmland, so that you have enough food to
feed people
○ There must be a body of water that runs through your country that can
provide the people with clean drinking water
○ Your country needs 30 houses, at least 15 along a main road
○ You must have two locations that will create energy/electricity for the
people in your country - it can be any type of energy
○ There must be at least one clothing factory to make comfortable clothes
for the cold winters
○ There must be 1 hospital and 1 school in your country
Design a Self-Sufficient Country

● Switch maps with a partner

● Using the same space, you must include on their map:
○ 40 more houses
○ A new, bigger main road
○ 8 new schools
○ 5 new hospitals
○ 4 new energy production locations
○ 3 new clothing factories
○ More space for farmland
● You CANNOT erase anything, and you cannot draw the new
things extra small. Good luck!
Could your home country be self-sufficient?

● Read the section about Canada, then think about an explain the…
○ Resources
○ Transportation
○ Energy
○ Population in your home country
● Do you think your country could ever be self-sufficient? Why or
why not?