ECONOMICS: DAY 1

Introduction to Business & Marketing

Need v. Want

Needs NEEDS- something that is essential; that you

must have

Example: Water

List some needs

WANTS- something that you desire

Example: Soda

List some wants

Wants

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 work individually. Students will select 2 companies to

research on the Internet. Each student 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). Land Labor Capital Entrepreneur

ship