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Fashion B: Standard 08.0101-14 Business Ownership and Basic Economics

Fashion B: Standard 08.0101-14 Business Ownership and Basic Economics. Created by: Kris Caldwell, Timpanogos High School (There is a powerpoint created by “Fashion Marketing” for this standard as well). Business Industry Segments:.

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Fashion B: Standard 08.0101-14 Business Ownership and Basic Economics

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  1. Fashion B: Standard 08.0101-14Business Ownership and Basic Economics Created by: Kris Caldwell, Timpanogos High School (There is a powerpoint created by “Fashion Marketing” for this standard as well)

  2. Business Industry Segments: • Primary Market the industry segment that includes businesses that grow and produce the raw materials that become fashion apparel or accessories • Secondary Market the industry segment that includes businesses that transform raw materials into fashion in the merchandise production phase • Tertiary Market the industry segment that includes retail businesses such as stores

  3. Types of Business Organization • Retailing the selling of products to customers • Sole Proprietorship a business owned and operated by one person • Partnership a business created through a legal agreement between two or more people who are jointly responsible for the success or failure of the business • Corporation a business that is chartered by a state and legally apart from the owner or owners

  4. Fashion Risks • Riskthe possibility that a loss can occur as the result of a business decision or activity • Risk Management a strategy to offset business risks • Types of Risks: • Economic Risks: Changes in overall business conditions • Human Risks: Caused by human mistakes, including customers, employees, or the work environment • Natural Risks: Caused by natural things, like weather.

  5. Global Economy • Globalizationthe increasing integration of the world economy • Importsgoods that come into a country from foreign sources or goods that a country buys from other countries • Exportsgoods that a country sends to a foreign source or goods that a country sells to other countries • Balance of trade the relationship between a country’s imports and exports

  6. Supply and Demand • The law of supply and demand affects pricing in the fashion industry • Supply: the quantity of product offered for sale at all possible prices • Demand: the consumer’s willingness and ability to buy and/or use products • Profit: the money a business makes after all costs and expenses are paid • Trade Quotas: restrictions on the quantity of a particular good or service that a country is allowed to sell or trade

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