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Profit & Loss Lesson Plan

Instructor: Tammy Galloway

Tammy teaches business courses at the post-secondary and secondary level and has a master's of business administration in finance.

A company may have a great product but if they are losing money, they will eventually go out of business. This lesson plan explores profit and loss from an economic perspective. Students will read the lesson, answer questions, complete an activity and take a quiz.

Learning Objectives

By the end of this lesson, students should be able to:

  • explain how to calculate profit and loss
  • describe how a business can obtain a supernormal profit
  • define monopoly and oligopoly
  • discuss how businesses operate in perfectly competitive markets

Length

60 minutes

Curriculum Standards

  • CCSS.ELA-Literacy.RH.11-12.4

Determine the meaning of words and phrases as they are used in a text, including analyzing how an author uses and refines the meaning of a key term over the course of a text (e.g., how Madison defines faction in Federalist No. 10).

  • CCSS.ELA-Literacy.RH.11-12.6

Evaluate authors' differing points of view on the same historical event or issue by assessing the authors' claims, reasoning, and evidence.

  • CCSS.ELA-Literacy.RH.11-12.7

Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem.

Materials

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