Understanding Rental Agreements

Today we will be looking over a sample apartment rental agreement and answering some questions about where to find specific pieces of information.  Questions include:

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1. Is the gas and electricity included in the rent?  Explain.
2. When is the rent due?
3. What is the amount of rent you will have to pay?
4. What happens if you make nail holes in the walls while hanging pictures or paint the  woodwork white? Explain.
5. What can happen if you allow your friend to repair his motorcycle in your garage or parking space?
6. Who pays the water bill?
7. Who is going to clear the sidewalks and driveways during the winter?
8. Will your security deposit always be returned in full?  Explain.
9. Can you keep a dog in the apartment?
10. If you have to leave town because of a job change, can you sublet the apartment?  Is it possible under any circumstances?
11. If there is a hail storm and the roof is damaged, who is responsible for fixing it so it doesn't leak?
12. Can your sister come into the apartment and stay indefinitely?
13. Can you run a mail order business from your apartment?
14. When can the landlord raise the rent?
15. Under what circumstances can the rental agreement be ended by the landlord?

IF YOU DON'T UNDERSTAND ANY TERMS OF A RENTAL AGREEMENT, TAKE IT TO SOMEONE WHO WILL EXPLAIN IT TO YOU.  DON'T SIGN ANYTHING YOU DON'T UNDERSTAND!

We will also look over a standard "Move-In/Move-Out Itemized Statement" from the California Apartment Association.  It's the standard form that landlords go over in the move-in "walk-through" for new tenants -- and it's where prospective tenants should write down every flaw they see (dirty items, scratched floors, dented walls, nail holes, cracked glass, etc.).  The same form will be used when the tenant moves out.

(Here is a similar online example of this form.)

8.3: Corporations, Mergers, and Multinationals

8.3: Corporations, Mergers, and Multinationals

Assignments:

• Graph Skills (p.203): #1 & 2
• Horizontal Merger and Vertical Merger (p.206): #1 & 2
• Section 3 Assessment (p.207): #2, 3a, 3b, 4, 5a, 5b, 6, 7a, 7b, 8, 9a, 9b, 10a, 10b, 10c

Think about how corporations are different from sole proprietorship, partnership and franchise.

Choose to Merge:
Imagine that you are the chief executive officer of a major media group. The corporation’s holdings include two major city newspapers and six community newspapers in different cities. The firm has been prospering for many years, but for the last two years, both profits and circulation have declined. Market analysis suggests that part of the reason is reduced advertising revenue caused by competition from the Internet. At its last meeting, the board of directors addressed the issue and has directed you to investigate a possible merger that would strengthen the firm’s position in the marketplace. After some research, your staff has identified the three companies listed below as possible merger candidates.

Read the descriptions of each company and decide which would be the best partner to strengthen
your firm. On a separate piece of paper, write a recommendation to the board. As part of your
proposal, include a response to these questions:

1. Which merger partner would you recommend?
2. What kind of merger would it represent—vertical or horizontal?
3. How would the merger benefit your company?
4. Why would you not recommend the other companies for merger?

Company 1: AAA Printing:  This firm has a successful record printing newspapers, magazines, and textbooks, among other things. It currently prints the newspapers for your firm’s daily and community newspapers. It has been in business for thirty years and has always shown a profit.

Company 2: Golden Broadcasting:  This broadcast company owns four local television broadcast stations and six radio stations in cities in your area. The company has been growing in recent years and two of their radio stations were purchased in the last six months.

Company 3: Cramer News Group:  This firm owns a major city newspaper and three community newspapers in a different region of the country. The city newspaper has a strong reputation for insightful investigative reporting. Like your own firm, this newspaper group has always been profitable, but it too has seen a drop-off in advertising revenue.

Chapter 7.1

Discuss Chapter 7.1

• Chapter Discussion

Visual Glossary: What is Perfect Competition

• Video intro
• Interactive

Assignment:

• Page 159: Characteristics of Perfect Competition Graphic Organizer
• Page 163: Assessment # 3, 4, 6, 8

Chapter 7: Section 2

Read Chapter 7 Section 2: Monopoly

• Section 2 Assessment (p.173)
• Guiding Question #2
• Key Terms and Main Ideas (#3-7)
• Critical Thinking (#8-10)
• Math Skills (#11) 

8.2: Partnerships and Franchises

8.2: Partnerships and Franchises

• Guiding Question (p.196): Create Chart
• Characteristics of Partnerships (p.197): #1 & 2
• How Can a Small Business Grow (p.199): #1 & 2
• Global Impact (p.200): What are some of the difficulties that business might encounter in their efforts to expand in other countries?
• Section 2 Assessment (p.201): #1, 2, 3, 4, 5, 6, 7, 8
• How do limited liability partnerships compare with general partnerships?
• Items often covered under articles of partnership?
• Financial advantages of partnerships?
• Money and other valuables make up a person’s or firm’s __________________.
• A semi-independent business that pays fees to a parent company in exchange for the exclusive right to sell a product or service is a(n) _____________________.
• Three kinds of businesses that are often general partnerships: 
• Thinking of your own virtual business, would it work as a partnership?  Would it work as a franchise?  Why or why not?

What product did William Procter make when he first arrived in Cincinnati?  What kind of business organization did he have?

What kind of liability did Procter have when he first started his business?

What were the immediate benefits of the partnership?

Why did Procter and Gamble end their partnership? What benefits were they looking forward to?

What is a Franchise?


How Franchising Works: An Illustrated Guide
SUBWAY Story: What is Franchising?

8.1: Sole Proprietorships

Chapter 8: Lesson 1: Sole Proprietorships

Assignment:

• Complete the comparison chart at the top of page 191.
• Graph Skills (p.192): #1 & 2
• Section 1 Assessment (p.195):
• Guide Questions: #1 & 2
• Key Terms and Main Ideas: #3 - 6
• Critical Thinking: #7 - 9
• Math Skills: #10
• Define the main key terms of the chapter:
• Sole Proprietorship
• Business Organization
• Business License
• Zoning Laws
• Liability
• Fringe Benefits
• Would your virtual business [that you have been discussing so far] work as a Sole Proprietorship?  Why or why not?

• Respond to the following worksheet:

4.3: Elasticity of Demand

Chapter 4.3: Elasticity of Demand

• Graph Skills (p.98): #1 & 2
• Illustration (p.99): How does this cartoon illustrate elasticity of demand?
• Check Your Understanding (p.101): #1 & 2
• Checkpoint (p.102): What factors affect elasticity of demand?
• Checkpoint (p.103): How does elasticity affect revenue?
• Chart Skills (p.103): #1 & 2
• Chart Skills (p.104): #1 & 2
• Checkpoint (p.104): Why does a firm need to know whether demand for its product is elastic or inelastic?
• Section 3 Assessment (p.104): #2, 3, 4, 5, 6, 7, 8, 9, 10

4.2: Shifts in the Demand Curve

Chapter 4:2: Shifts in the Demand Curve

• Image (p.91): Based on the image, how would the demand curve for plywood change?
• Checkpoint (p.92): What does a shift in the demand curve say about a particular good?
• Graph Skills (p.92): #1 & 2
• Checkpoint (p.95): How will an anticipated rise in price affect current demand for a good?
• Checkpoint (p.96): If the demand for a good increases, what will happer to the demand for its complement?
• Section 2 Assessment: #2, 3, 4, 5, 6, 7, 8, 9

4.1: Understanding Demand

Chapter 4:1: Understanding Demand

• Guiding Question (p.85): Chart
  
• What is the Law of Demand? (p.86): How do these two images reflect the law of demand in action?
• Graph Skills (p.87): #1 & 2
• Checkpoint (p.88): What happens to demand for a good when the price increases?
• Economics in Action (p.88): Has the substitution effect been a factor in any of your recent purchases?  Explain.
• Chart Skills (p.89): #1 & 2
• Checkpoint (p.89): To have demand for a good, what two conditions must be met?
• Magazine (p.89): What other goods or services might consumers have less demand for during an economic downturn?
• Graph Skills (p.90): #1 & 2
• Checkpoint (p.90): What is a market demand curve?
• Section 1 Assessment (p.90): #1 - 11

Law of Demand (Parody of Sharp Dressed Man): http://youtu.be/tDkkkEQXJMw
Law of Demand (Investopedia): http://www.investopedia.com/video/play/law-demand/

The Law of Demand

Chapter 3 Assessment

Chapter 3 Assessment

• Critical Thinking (p.74): #1, 2, 3, 4
• Applying Your Math Skills (p.74): #5, 6, 7, 8
• Analyzing Documents (p.75): #1, 2, 3
• Writing About Economics (p.75): When may a government take private property for public use?
• Looking at the two farm-related graphs on page 76, how are farms changing in America?  Why do you think that is?
• Looking at the Median Weekly Earnings graph on page 78, what are some trends that you can deduce?
• Looking at the Unemployment Rates chart on page 79, how were African Americans (men and women) faring in the workplace in 2007?  How might this have affected the 2008 election?
• Looking at the Selected Personal Consumption Expenditures chart on page 81, where do Americans spend the majority of their money?  If Americans are trying to save money, which areas will they have to cut back on?  Explain.
• Unit 1 Challenge (p.82): Writing Activity

3.4: Providing a Safety Net

Chapter 3 Section 4: Providing a Safety Net

• Checkpoint (p.69): What is the goal of the government welfare programs?
• Economics & You (p.69): Identify another way that the government may use your money to help somebody else.
• Checkpoint (p.71): Identify four programs that provide cash benefits to the poor.
• Checkpoint (p.72): How does the tax law provide an incentive to help the needy?
• Section 4 Assessment (p.72): # 3, 4, 5, 6, 8, 9, 10
• Roles of the Government (p.73): What are the roles of government?

Chapter 3: Section 2 and 3

Chapter 3 Section 2: Promoting Growth and Stability

• Guiding Questions (p.56): Chart
• Graph Skills (p.57): #1 & 2
• Checkpoint (p.57): Why do government experts track the business cycle?
• Checkpoint (p.58): What three goals does the government try to meet when promoting economic strength?
• Explain "obsolescence" using a real world example [other than telephones].  
• Business by the Bootstraps (p.60): Applying Economic Principles
• Checkpoint (p.61): How does improved technology help the economy?
• Section 2 Assessment (p.61): #1, 4, 5, 6, 7, 9, 10, 11

Chapter 3 Section 3: Providing Public Goods

Assignment:

• How are Public Goods Created? (pp.64-65): #1 & 2
• Checkpoint (p.64): What two criteria must be present for a public good?
• Checkpoint (p.65): Why are public goods examples of market failure?
• Graph Skills (p.66): #1 & 2
• Checkpoint (p.67): What does the government do in response to negative externalities?
• Poster Analysis (p.67): How does this poster deal with a negative externality of being a consumer?
• Section 3 Assessment (p.67): #2, 3, 4, 5, 6, 8, 9