Basics of Business

Component: Production of Goods & Services | Grade Level: Grade 7-8

Learning Targets:

Targets for knowledge, skills, and behaviours below are possible targets. It is not expected that all will be covered by a single Teaching Unit. Teachers can select their learning targets using the Teaching Units provided (to the right), adaptations of these Teaching Units, or Units/Lesson Plans they develop on their own.


  • Every country faces three basic economic questions: what to produce; how to produce it; and how to distribute what is produced
  • How Canada answers the three basic questions
  • How consumers influence what is produced and the concept of “consumer sovereignty”
  • The role of businesses and entrepreneurs
  • Different kinds of businesses that exist
  • Reasons a business may succeed or fail
  • Why some goods and service are produced by governments


  • Consider their own interest in entrepreneurship
  • Describe contributions of a number of businesses and entrepreneurs to the economy and to the community
  • Develop enterprising skills to apply to any kind of endeavour
  • Discuss and debate decisions as to what goods and services should be provided by business and/or governments


  • Apply enterprising skills to a wide range of endeavours
  • Support business activity that helps to improve and sustain the environment
  • Identify and explore opportunities as they perceive them – in school, at home, in their community

Teaching Unit:

Basics of Business

Most of the goods and services we use come from businesses. Most people work for a business. And more and more young people are hoping to start a business. Knowing the “basics of business” is important.

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