Intro to Business units 1,2 & 3

Intro to Business units 1,2 & 3

By Jacinda Penley

Phone

Stereo

Designer Jacket or shoes​

wants (Things to add Pleasure and comfort

​

Food

Clothing

​Shelter

needs (Things required for survival

Needs vs. wants

Some text here about the topic of discussion

​- Name of Author

Because we have unlimited wants and limited resources, this conflict is the basic economic problem: SCARcity

Open Ended

If you could have one unlimited NATURAL Resource what would it be and why?

(In order to get full credit, it MUST be stated in a complete sentence, and the answer should be at least 3 sentences.)

The raw materials that are supplied by nature.

​

Ex. Water, air, iron, gold, oil, oxygen, vegetables, etc.

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Everything we need to survive is provided by the Earth

Natural resources

​

The people who turn natural resources into goods (products) and services. Labor is another name for this factor of production.

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Humans are better than machines!!

Human Resources

The tools, equipment, and buildings that are used to produce goods and services ​

Can Nature be a capital resource?

Capital Resources

Multiple Choice

What is the basic economic problem? It is the conflict of meeting unlimited wants and needs but a limited number of resources to fulfill them. This is also known as?

• Being in the hole

• scarcity

• Being in the Red

• Capital

Open Ended

Did you know that there are more people that work in jobs that provide a service to people than they do in jobs that produce a product? Why do you think this is?

(Any opinion is fine, but it must be expressed clearly, and in complete sentences.)

A nation's plan for answering the key economic questions

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Economic Systems

Planned VS. Market

Communism's bad, ummmkay???

Private property - you can own, use, or dispose of things of value

Capitalism - the economic resources are usually privately owned by individuals.

• voluntary exchage

• freedom of the individual to chose​

Market

• Govt. owns and controls all the resources

• In some countries, they assign people to careers based on the leaders' views.

• average citizen has little to say and the military or police carry out the government's plans​

Planned

Multiple Choice

You can own, use, or dispose of things of value

• Elmo's world

• Ownership

• Rights

• Private Property

When countries combine government ownership and control of basic industries with some private ownership of consumer-goods businesses. ​

In the US there is some government regulation of business. There are also some govt.-operated enterprises, such as the post office, schools, and city water agencies.​

​

How much control should the government have?

Mixed Economic ​

Systems

​

Supply and Demand

Multiple Choice

Prices of goods depend on what?

• Supply and demand

• What is on clearance

• The price of land

• interest rates

a period where demand begins to decrease, business lower production, unemployment begins to rise​

Recession

a phase marked by a prolonged period of high unemployment, weak sales of goods and services, and business failure

​​Depression

a sustained increase in the general level of prices.

Inflation

a decrease in the general level of prices

Deflation

Open Ended

We are currently seeing record-high inflation. Answer the following questions:

1) Why do you think prices are rising so fast?

2) What do you think will happen if they continue to rise?

3) What do you think the government can do to stop or slow inflation?

Four Kinds of Businesses

Extractor - a business that grows products or takes raw materials from nature

​manufacturer - takes the extractor's products or raw materials and changes them into a form that consumers can use.

marketer - a business that is involved with moving goods from producers to consumers (The activities of marketers are called marketing)​

service business - a firm that does things of ryou instead of making or marketing products.​

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• A consumer can purchase from all 4 businesses

• Each business can purchase from each other.​

• The more middle men, the higher the price for the consumer.

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Be a GOOD Consumer! Be a good business person!

Being a Consumer​

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Open Ended

How are some ways you can be a GOOD consumer?

Social Responsibility​

Refers to the obligation of a business to contribute to the well-being of a community.​

Grow good things, sell good things, market good things, buy good things!

Non-renewable resource

A natural resource that cannot be replaced when used up.​

​

• Oil

• Coal​

Ethics ​

Are principles of morality ​or rules of conduct.

Business ethics

Rules about how businesses and their employees ought to ​behave.

Code of ethics

A statement of rules for guiding the behavior of employees or members ​of an organization.

OUR GOVERNMENT-FEDERAL, STATE, AND LOCAL.​

​Interstate commerce ​-​ Business transactions involving companies in more than one state.

​* A trucking company that ships products to several states would be regulated by the federal government.

Intrastate commerce-​ Refers to business transactions involving companies that do business only in one state.

*​ A trucking company that hauls products only within a state's boundaries would be regulated by that state and not the federal government.

Multiple Choice

When a product is exchanged within the state, what is this known as?

• Marketing

• corporate contracts

• interstate

  commerce

• intrastate

  commerce

Multiple Choice

When a product is exchanged between different states, what is this known as?

• intrastate

  commerce

• interstate

  commerce

• buyers

  agreement

• contractual

  services

Open Ended

What can you do to be a better consumer?

Open Ended

What are some of your morals and ethics as a consumer?