Essential Standard 1.00
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Transcript of Essential Standard 1.00
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Essential Standard 1.00
Understand the role of business in the global economy.
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Warm up
• Login to computers and return to table seats
• What is capitalism?
• What type of economic system does the United States have?
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Objective 1.01
Understand economic systems.
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Agenda
• Warm up
• PPT Review on 1.01 Understanding economic systems
• Practice Exam handouts (wiki) and
• Quia practice quizzes score 80 or above
• 3rd week Stock entries (final entries)
• Everfi
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Practice Quiz Unit 1
• Objective 1.01 http://www.quia.com/quiz/3229793.html
• Objective 1.02 http://www.quia.com/quiz/3229794.html
• Objective 1.03 http://www.quia.com/quiz/3229795.html
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Practice Quiz Unit 2
• Objective 2.01
• http://www.quia.com/quiz/2643886.html
• Objective 2.02• http://www.quia.com/quiz/2670965.html
• Objective 2.03• http://www.quia.com/quiz/2695976.html
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• Satisfying needs and wants• Basic economic problem• Six steps of economic decision-making• Main types for economic systems• Market economy self-regulating principles
Topics
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Satisfying Needs and Wants
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Satisfying Needs and Wants
• What are needs?
• What are wants?
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Satisfying Needs and Wants continued• What are goods?
• What are services?
• The United States economy is the largest producer of goods and services in the world.
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Satisfying Needs and Wants continued• How do businesses use economic
resources to produce goods and services?
• The types of economic resources are:– Natural– Human– Capital
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Satisfying Needs and Wants continued• What are natural
resources?
Many natural resources are nonrenewable.
• What are human resources?
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Satisfying Needs and Wants continued
What are capital resources?
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Satisfying Needs and Wants continued
• What is the basic economic problem?
• What is scarcity?
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Satisfying Needs and Wants continued
• What is the purpose of economic decision-making?
• What happens to choices in a tradeoff?
• What is opportunity cost ?
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Six steps of economic decision-making
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Economic Decision-Making
• What is economic decision-making?• What are the six steps of economic
decision-making?1. Defining the problem2. Identifying choices3. Evaluating the advantages and disadvantages of
each choice4. Choosing one choice5. Acting on the choice6. Reviewing the decision
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Economic Decision-Making continued
Try to solve a problem
Problem: Adjust the foundation of a house
Choices: Ignore the problem
Contact companies located in the same city
Contact companies located in the next city
Contact companies located in other cities
What choice would you make?
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Economic Decision-Making continued
• Some advantages: location of local companies, companies that guarantee of services, and companies that provides simple explanation of necessary services
• Some disadvantages: prices for services and location of company in next city or other cities
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Economic Decision-Making continued• Choosing one choice: A local company that
guarantees services and provides simple explanation of services.
• Acting on choice: Schedule for local company to provide services of adjusting foundation of house.
• Reviewing decision: Routinely check on condition of foundation of house.
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Main types of economic systems
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Economic Systems
What are the three economic questions that all economies must answer?
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Economic Systems
• What is an economic system?
• The main types of economic systems are:– Command or Communist– Market– Traditional– Mixed
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Economic Systems
• Who owns the resources in the main types of economic systems?– Command
– Market
– Traditional
• Who answers the economic questions?
– Centered on family
– Government
– The people
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Market economy self-regulating principles
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United States Economic System
• What is capitalism?
• What type of economic system does the United States have?
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United States Economic System continuedThe four principles of U.S. economic system
are:
• Private property
• Freedom of choice
• Profit
• Competition
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Market Economy
• What is the role of consumers in a market economy?
• A consumer includes individuals, businesses, and government.
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Market Economy continued
What is the role of producers in a market economy?
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Market Economy continued
The market economy is based on the principles of supply and demand.
– What is demand?– What are some examples of consumer
demand?– What is supply?– What are some examples of how producers
establish supply?
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Supply and Demand Graphs
Intro to Business, 6e, Thomson South-Western 31
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Supply and Demand Graphs
Intro to Business, 6e, Thomson South-Western32
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Supply and Demand Graphs
Market (equilibrium) price is the point where supply and demand are equal.
Intro to Business, 6e, Thomson South-Western 33