Daily Information 10/26
Objectives:
Examine the different
phases in the typical
business cycle.
Outline the four types of
competition.
Warm Up:
Agenda:
Explain why no
country has enough
resources to satisfy
all the wants of all
people for material
goods and services.
1. Complete
warm-up
2. Economics PP.
3. Concept check
activity
4. Bottom Line
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1
Daily Information 10/27
Objectives:
Warm Up:
Define economics and
describe the two types of
economic systems:
capitalism and command
economy.
Identify the ways to
measure economic
performance.
Explain and list 1. Complete
warm-up
examples of how 2. Econ PP.
3. Individual
business is
PP
4. Bottom Line
related to politics
and politics is
related to
business.
Agenda:
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2
Daily Information 10/30
Objectives:
Warm Up:
Define economics
and describe the
two types of
economic systems:
capitalism and
command economy.
Identify the ways to
measure economic
performance.
• What are you
doing for
Halloween?
• Check your
grade in infinite
campus.
Agenda:
1. Warm-Up
2. WSJ Article
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3
Daily Information 11/2 (g)
Objectives:
Warm Up:
Define economics
and describe the
two types of
economic systems:
capitalism and
command economy.
Identify the ways to
measure economic
performance.
Explain and list
examples of how
business is
related to politics
and politics is
related to
business.
Agenda:
1. Warm-Up
2. Econ PP.
3. Concept
check activity
4. Bottom Line
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
4
Economics
Economics is the study of how wealth (anything
of value) is created and distributed.
Microeconomics
The study of the decisions made by
individuals and businesses
© MANGOSTOCK/SHUTTERSTOCK
Macroeconomics
The study of the national
and global economies
© KK-ARTWORKS/SHUTTERSTOCK
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Four Economic Questions
WHAT goods and
services
will be produced?
HOW will they be
produced?
FOR WHOM will
they be produced?
WHO owns and
controls the major
factors of
production?
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Factors of Production
***Resources used to provide goods and services
WHO owns and
controls the
major factors of
production?
Land and natural resources
Labor
Capital
Entrepreneurship
***The answer to this question will tell you what
type of Political System a country has.
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Factors of Production
Land
Elements in their natural state that can be used in
production
Ex: crude oil, minerals, water, land, forests, even air
Labor
Human resources such as managers and
employees
Ex: employee knowledge and skills
Capital
Equipment used to produce other goods
Ex: money, buildings, tools, machines
EntreOwnership of a business
preneurship Ex: starting a business (planning, managing, risk)
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Economic Systems
Market economy
• Individual and businesses determine what, how, and for
whom goods and services will be produced. Price is
based on the market (capitalism)
Command economy
• Government controls most of the factors of production
and determines what, how, and for whom goods and
services will be produced (socialism and communism)
Mixed economy
• Aspects of a market and a command economy are used
to make these decisions (capitalism and socialism)
****The United States has a mixed economy****
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Political Systems
Capitalism
• Private citizens are free to go into business for themselves
• Produce whatever they choose, and distribute what they
produce
Socialism
• Government decides what will be produced, how it will be
produced, and who owns and controls the factors of
production.
Communism (extreme socialism)
• Government owns and controls all factors of production.
• Plans production to meet the needs of the state.
• Dictates occupations, wages, and prices.
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Adam Smith’s Capitalism
Laissez-faire = “let them do”
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Measuring Economic Performance
Productivity: The average level of output per worker
Gross Domestic Product (GDP): all goods and services
produced within the boundaries of a country
Real Domestic Product (RDP): the total value of a
nation's goods and services that have been adjusted for
inflation
Consumer Price Index (CPI): monthly index that tracks
the prices paid by consumers
© TRIBALIUM/SHUTTERSTOCK
© JELICA VIDENOVIC/SHUTTERSTOCK
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Inflation/Deflation
Deflation: The
increase in the price of
products.
general decrease in
the price of products.
© TIBALIUM/SHUTTERSTOCK
Inflation: The general
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Supply and Demand
Supply
The quantity of goods and
services that producers are
willing and able to provide
When Supply > Demand,
the Price goes DOWN
Slide 14
Demand
The willingness and
ability of consumers to
buy goods and services
When Demand > Supply,
the Price goes UP
Supply Curve and Demand Curve
FIGURE 1-7
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15
Output (GDP)
The Business Cycle
Peak
Trough
Time
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16
When economy is…
..Growing/Recovery.. ..Slowing/Recession..
People buy goods and
services
Jobs are created
Businesses are hiring
Slide 17
People buy fewer goods
and services
Fewer people are hired;
there are layoffs
Businesses are not
growing
National Debt
The National Debt is the total amount the
federal government owes.
National DEBT as of
Oct 2013
$16,738,158,460,000
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Competition
Perfect Competition
Many buyers and sellers offering the same product
(ex: corn, wheat, peanuts)
Monopolistic Competition
Many sellers offering similar but not identical products
Gain a competitive edge through product differentiation
– unique features, attention-getting brand name, unique
packaging, special services (ex: clothing, shoes)
Oligopoly Competition
A few large sellers (ex: automobiles, cereals)
Monopoly
One seller that sets its price based on demand
(ex: public utilities)
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
American Business Today
In today’s competitive business world,
which of the following environments
affects business the most?
Competitive
Global
Technological
Economic
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
20
Daily Information 10/29
Objectives:
Warm Up:
Agenda:
Define economics
and describe the
two types of
economic systems:
capitalism and
command.
Identify the ways to
measure economic
performance.
List and
provide an
example of
each
1. Warm Up
2. Review
GarageWorks
3. Supply &
Demand
exercise
4. Concept
. 5. Quiz ‘s
6. Test Yourself
7. Rags-Riches
8. Bottom Line
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 3 - Economics
Assignments
GarageWorks
• Resource Exercise (Partner activity)
• Supply and Demand Exercise (Partner activity)
Concept Checks (Individual, in-depth Research)
Quiz Questions (Group activity)
Test Yourself handout (Partner activity)
Rags to Riches (Individual review activity)
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
22
GarageWorks!
Material resources:
Car or Van for transport: people and equipment
and supplies
Cleaning equipment: sponges, brooms, rags,
towels, sprayers, long-handled cleaners for ceilings
Cleaning supplies: wood cleaners, concrete and
metal cleaners, rust remover, garbage bags
Work shoes/boots and clothes:
Organizing supplies: nails, hammers, shelving, etc.
Bins/boxes to hold/transport equipment/supplies
Place to keep supplies/equipment when not in use
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
23
GarageWorks!
Human resources:
You have four people in your company.
Will you always need—or even have—four people?
How many hours do you need to do a “typical” job?
How much time will you have to spend on…
Getting customers? (Advertising)
Organizing?
Getting supplies?
How will you decide who does what?
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
24
Current Economic State
Video from Nightly Business Report
October 12, 2015
http://nbr.com/category/nbr-show-clips/
(Economic Optimism)
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
25
Economic Sections
Economic Systems
Measuring Economic Performance
The Business Cycle
Types of Competition
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
26
Daily Information 10/30
Objectives:
Warm Up:
Agenda:
Define economics
and describe the
two types of
economic systems:
capitalism and
command.
Identify the ways to
measure economic
performance.
List and
provide an
example of
each
1. Warm Up
2. Concept
3. Quiz ‘s
4. Test Yourself
5. Rags-Riches
6. Bottom Line
.
Quiz will be on Tuesday, November 10th
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Daily Information 11/2
Objectives:
Warm Up:
Agenda:
Explain why no
country has
enough
resources to
satisfy all the
wants of all
Identify the ways to people for
measure economic material goods
performance.
and services.
Define economics
and describe the
two types of
economic systems:
capitalism and
command.
1. Warm Up
2. Concept
3. Quiz ‘s
4. Test Yourself
5. Rags-Riches
6. Ch2 SG
7. Bottom Line
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Concept Checks
Economic Systems
Measuring Economic Performance
The Business Cycle
Types of Competition
Read through your handout and
answer the concept questions for
your section by creating a
PowerPoint.
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
29
Quiz Questions
Economic Systems
Measuring Economic Performance
The Business Cycle
Types of Competition
1. Present your PowerPoint to
group members.
2. As a group, create and answer
one quiz question for each
section.
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
30
Quiz Questions
Economic Systems
Measuring Economic Performance
The Business Cycle
Types of Competition
1. Quiz questions must force you to
apply, classify, conclude, or develop.
2. Be sure to provide an answer, or
suggested answer to your question.
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
31
Test Yourself
Complete the “Test Yourself” questions with a
partner.
Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
32
Rags to Riches
Go to the link provided (also in the
webdesign folder)
• http://www.quia.com/rr/1027824.html
Win a million dollars!
Show me that you won.
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33
Chapter 3 SG
Due Tuesday, Nov. 10th
Chapter 3 QUIZ: Nov. 10th
Be sure you have your
passwords!!
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34
