ECONOMICS: DAY 1 Introduction to Business & Marketing.

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Presentation transcript:

ECONOMICS: DAY 1 Introduction to Business & Marketing

Economy  Economy: “the organized way a nation provides for the needs and wants of its people”  Determines what each country will manufacture, buy, sell, invest, and transport.

Resources  Resources: “all of the things used in producing goods & services”

Factors of Production  Factors of Production: “technical term economists use for resources”  Land  Labor  Capital  Entrepreneurship

Land  Land: “everything on the Earth that is in its natural state”

Land  Land: “everything on the Earth that is in its natural state”  Examples: coal, crude oil, water, air, soil

Land  Land: natural resources of various countries:  USA: coal, forest, copper, gold, natural gas  Russia: timber, gas, coal, gold  Saudi Arabia: oil  Canada: oil, uranium, timber

Labor  Labor: “all the people who work in the economy”  Example: sales associates at Old Navy, teachers, bank managers, coal miners, farm workers, cashier, news anchor

Capital  Capital: “money needed to start and operate a business as well as buildings, materials, equipment, etc.” Examples: money, factories, buildings, machinery, equipment

Entrepreneurship  Entrepreneurship: “ability to start and/or own your own business”  Examples:  Mary Kay Ash - Mary Kay Cosmetics  Henry Ford - Ford Motor Company  Steve Jobs – Apple  Bill Gates - Microsoft

Activity  Students will be split into groups/pairs.  Each group/pair will select a company which they will research on the Internet.  Each group/pair will be responsible for identifying (using chart form) the land, labor, capital, and entrepreneurs involved in their company (perhaps after picking a specific good or service). LandLaborCapitalEntrepreneurship