1. What is the American Dream?
The term was first used by James Truslow Adams in his book the Epic of America which was written in He states:
"The American Dream is "that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position." (p )

2. Economics
Marketing Co-Op

3. Economics
Economy: the organized way a nation provides for the needs and wants of it’s people Economics: the management of the production, distribution and consumption of goods and services (meeting unlimited wants with limited resources

4. Economic Activities
Production: Make It!
Consumption: Use It!
Exchange: Trade It!
Distribution: Give It Out!

5. Economic Resources
Human Resources
Capital Resources
Natural Resources

6. Human Resources People
Only some of the world’s people are willing and able to work
There may be a shortage of workers for a certain job or profession
People lack training or skills needed
(computers, police force)
People are not interested in filling certain jobs
(fast food, janitorial work)

7. Capital Goods
Materials, such as machinery, used to produce a finished product
Reflects the state of technology that exists in society
Examples:
Machinery, buildings, transportation, furniture, computer equipment (technology), etc

8. Human Natural Capital Economic Resources Why is resource limited?
worksheet after discussing why things are limited and what can be done about them
Human: Examples: Salespeople, agents, ushers, janitors, players
Limited: Unwilling or unable to work, shortages in certain jobs (lack of training or skills, lack of interest, changing demographics), unavailable
Responses to limited: offer higher wages, offer training or retraining, increase promotions, find new sources, increase automation, offer more benefits, offer flex-time, etc.
Natural: Examples: trees, oils,water, etc.
Limited: Boundaries, difficult and costly to obtain, lack of technology, supply problems, weather conditions
Responses to limited: find another source, find alternative source, conserve resource, pay higher price
Capital: Examples: computers, ice machines, cash registers, seats
Limited: state of technology, poor quality, break down
Responses to limited: maintain them, change inventory procedures, find alternative goods, modify current technology
Must be willing and able, lack of training
Earth is finite, pollution, wrong season, drought
Break (need repair), don’t last, poor quality

9. Capital Goods Affect on Business
Companies try to maintain the capital goods they already have to minimize cost Companies look for alternative capital goods to increase profit and get an edge of competitors They modify current technology to become more efficient

10. What countries ask themselves when considering economic decisions
3 Economic Questions
What countries ask themselves when considering economic decisions
What product or services to produce
How to produce those products and services
For whom to produce the products and services

11. Economic Goods and Society
Economic Good: Tangible Item
Economic Service: Intangible

12. something you would like to have something you have to have
Needs v. Wants
Need Want
something you would like to have
something you have to have

13. Why are wants always unlimited?
Economic Wants
WANTS
Non-Economic
Economic
Why are wants always unlimited?

14. Scarcity
The difference between what consumers want and need and what the available resources are
Unlimited Wants
Limited Resources - =
SCARCITY

15. Economic Choices Having to make a choice between two or more things
Trade Off
Having to make a choice between two or more things
Envelope A
Envelope B or
Opportunity
Costs
Everything you gave up by making that choice