1. Do Now7 questions in 7 minutes!What have you learned?

2. Transforming Resources into Goods and Services Module 1 Growing a Business Idea

3. Learning ObjectivesBy the end of this lesson you should be able to:1. Understand and explain the basic input-process-output model of business activity.2. Understand and apply the classification of business activity by sector.3. Understand and explain the benefits of added value to a product or service and apply this to specific products/ services.

4. Discuss! Discuss the images on your table and answer the questions. You have 5 minutes!LO1) Understand and explain the basic input-process-output model of business activity.

5. Business inputs and outputs The carrots in the example have gone through a process of turning inputs into outputs. Input something that contributes to the production of a product or service Output something that occurs as the results of business inputs.LO1) Understand and explain the basic input-process-output model of business activity.

6. Do you know your products from your services?LO1) Understand and explain the basic input-process-output model of business activity.

7. Product or Service? Product a tangible good that is manufactured or refined for sale. E.g. Car, CD, Food Service an intangible good that can be paid for or experienced. E.g. Rail Travel, Haircut, Accountancy ServiceLO1) Understand and explain the basic input-process-output model of business activity.

8. Identifying Business Sectors You have 15 minutes to produce a poster explaining one of the following business sectors: Finished? Primary Secondary Create a Tertiary question about Quaternary your sector to test your You will to provide a description and peers. an example for your given sector. Prepare to feedback....LO2) Understand and apply the classification of business activity by sector.

9. Identifying Business Sectors Each person on your team has been given a specific product. Finished? Discuss and establish how the Which sectors are more product has moved through prominent in each of the business sectors. the UK economy? Prepare to feedback your answersLO2) Understand and apply the classification of business activity by sector.

10. The changing importance of business sectors The UK has seen a decline in the primary and secondary sector and expansion in the tertiary and quaternary sectors Why? How are some primary sector businesses adapting? Farms now offer accommodation, farm shops or activity centres.LO2) Understand and apply the classification of business activity by sector.

11. Added Value Adding Value is the difference in value between the price of the finished product and the cost of raw materials. Raw materials + processing = finished product/ service Added value Selling price - cost of raw materials = added valueLO3) Understand and explain the benefits of added value to a product or service and apply thisto specific products/ services.

12. A business can add value in a number of waysLO3) Understand and explain the benefits of added value to a product or service and apply thisto specific products/ services.

13. What added has been used?

14. What are the benefits of a business of adding value? Differentiation from the SHARE competitor. Charging a higher price. Reducing the sensitivity of demand to changes in PAIR price. Higher profit margins. Targeting product or THINK service in andifferent market segment.LO3) Understand and explain the benefits of added value to a product or service and apply thisto specific products/ services.

15. PenelopesRead the case study basedon Penelopes and answerquestions 1, 2, 3.Question 3 structure: Definition Explain and give suggestions as to how they could add value.

16. HomeworkYou have now completedanother chapter of Business: Transforming resources into goods and services.To consolidate this learningyou need to produce a set ofdetailed revision notes.Due: Next Lesson

17. Finally.Pass the ball.State one thing youhave learned during thelesson.

18. Re-cap Learning ObjectivesYou should now be able to:1. Understand and explain the basic input-process-output model of business activity.2. Understand and apply the classification of business activity by sector.3. Understand and explain the benefits of added value to a product or service and apply this to specific products/ services.