1. Principles of Business Business in a Changing World

2. Definition: What you give up when you make one choice over another Example Popcorn = One Dollar ($1.00) OR Fruit Juice = One Dollar ($1.00) Definition: What you give up when you make one choice over another Example Popcorn = One Dollar ($1.00) OR Fruit Juice = One Dollar ($1.00) Opportunity Cost

3. Something to Think About Attending College vs. Not Attending College Lifetime earnings of a College Graduate vs. High School Graduate Attending College vs. Not Attending College Lifetime earnings of a College Graduate vs. High School Graduate

4. Goals Short term goals are goals you expect to reach within a few days or a week.  Examples: pass a quiz, paint a room Intermediate goals are goals you expect to reach in the next few months or years.  Examples: high school graduation, summer internship Short term goals are goals you expect to reach within a few days or a week.  Examples: pass a quiz, paint a room Intermediate goals are goals you expect to reach in the next few months or years.  Examples: high school graduation, summer internship

5. Goals Long-term goals are goals you expect to reach over a period of several years. Examples: career, marriage Long-term goals are goals you expect to reach over a period of several years. Examples: career, marriage

6. Natural Resources Natural resources are raw materials supplied by nature that come from the earth, the water, or the air and are used to produce goods. Renewable resources are resources that can be replaced Nonrenewable resources are resources that cannot be replaced

7. HUMAN RESOURCES Human resources are the people who contribute physical and mental energy to the production process.

8. CAPITAL RESOURCES The tools, equipment, and buildings that are used to produce goods and services. Examples: 1. Equipment 2. Buildings 3. Tools The tools, equipment, and buildings that are used to produce goods and services. Examples: 1. Equipment 2. Buildings 3. Tools

9. Entrepreneurial Resources The initiative to combine natural, human and capital resources to produce goods or services.