Chapter 1: Basic Economic Concepts
Chapter 2:Economic Resources and Systems
Chapter 3: Economic Activity in a Changing World
Chapter 4: Business Ethics and Social Responsibility

• Describe economic activity and how it affects everyday life.
• What is the difference between a “want” and a “need”?
• How do businesses satisfy wants and needs?
• Why must societies make decisions about what to produce?
• How do societies choose what to produce?
• How is economic activity measured?
• What are the phases of the business cycle?
• Why is it important for businesses to behave in an ethical manor?
• What does it mean for a business to be socially responsible?

• State the difference between wants and needs
• Describe how resources limit the number of wants people and businesses can satisfy
• Explain how to use the decision-making process to make the most of your resources
• Explain how profit and competition motivate business
• List the activities businesses undertake when developing products and services
• Explain how business impacts your and how you impact business

• Wants
• Needs
• Goods
• Services
• Resources
• Business
• Profit
• Competition
• Market research
• Consumer
• This is going to be the beginning of your business dictionary. This is a year-long assignment which I can check at any time, so make sure it is up to date. Make sure that the dictionary is in alphabetical order and each word is labeled with the chapter where the word was found in, as well as the definition and one example of the word.

• Calculate cost to buy 100 shares of Apple inc., Bank of America, and
Yahoo Inc. as of today.
• What is the value of a company’s stock called in the market?
• Which company has the highest value in the market?

• Businesses make money by offering goods and services to satisfy the wants and needs of consumers and other businesses. In this way,
wants and needs drive the US economy.
• Things I need to survive include _____________. Things I want include ____________
• List 5 examples of each.
• Compare your list with a partner’s to see any similarities and differences

• You have $10 to buy something on Amazon.com, assume no shipping or taxes, what would you buy?
• Create a list at your table of the things you NEED then create a list of the things you WANT
• Next create a list for the wants and needs of a business in general.
• Download- Anticipation Guide Principles of Finance
• Circle whether you agree or disagree, and your reason as to why. We will go over the I learned section together.

• Public wants and similar to public utilities and services
• Highways, schools, libraries, parks, etc.
• Private wants are similar to the private sector businesses
• Subsidy on foreign goods
• Higher wages for the individual

• The business market place consists of goods and services used to meet the wants and needs of the consumer
• What companies produce goods?
• What companies produce services?
• Resources are used by businesses to supply these wants and needs
• What are some resources needed to create a smart phone?
• What are some resources needed to advertise a product?

• You work as an event planner for a local company. You are in charge of hiring a caterer for the company’s 10 th anniversary celebration.
You have bids from four caterers in town. One of the bids is from a caterer who is an old friend. Their bid is higher than the other three.
• Would your relationship with the caterer affect the company you would hire?
Why?

• Confidentiality Agreements
• A confidentiality agreement is a contract that requires the employee or contractor not to reveal information that they acquire while working for an employer or client.
• Research several agreements online to compare and contrast. Create a list with the similarities and difference between the agreements. Make a few comments as to which one seems harsher, were you surprised at the language, and how would you like to need a confidentiality agreement to go to work?

• What term is used to maximize your outputs with the minimum amount of inputs?
• Use the following 5 steps to answer the following question:
• You found a $50 on the ground. You go on a shopping spree to get anything you want for $50. The day after you finish your best friend comes up to you in tears describing how they lost a $50 bill from their birthday. What do you do?
1. Identify the situation
2. Identify possible course of action
3. Determine the pros and cons
4. Make a decision
5. Evaluate your decision

• In making a house hold budget, you determine that your basic needs require 75% of your monthly income. The items you listed as “wants” cost another 15%. If your monthly income is $2,500, how much are you spending on wants? How much do you have left to save?

• Presentation requirements:
• Note cards to project your voice and not talk to the board
• Use proper citations
• Keep slides uncluttered, but use appropriate graphics, fonts, and colors

• We live in a very diverse climate with changing seasons and dynamic temperatures that vary between 100 o and 0 o F. Pick a geographical area, anywhere in the world. It could be a city, state, region, country, area as long as it is defined. Now describe the wants and needs of the people in this environment
• 5 slides (not including the title or citations)
• Note cards
• Business casual
• Rubric-presentation
• 5 vocab words from the chapter are to be used during the presentation

• Anticipation for business activities:
• At your table come up with one product you would like to analyze
• What resources are needed to create this product?
• What goods?
• What services?
• How does it get to the store shelf?
• Why do businesses produce overlapping products? For example, why do so many stores sell bread?

• What defines business?
• The ability to make a profit
• What are some businesses that you patronize?
• Why do you patronize these specific businesses?
• What would motivate anyone to start or maintain a business?
• The ability to make a profit
• List 5 successful entrepreneurs who started a business and what their company is called

• Companies can produce whatever they want, however they want
• Specific advantages based on pricing, ideas, production, efficiency, quality, service, etc.
• Target market- a group of people identified as those most likely to become customers
• Why do the best athletes and most talented actors make the most money?
• How come you can buy bread at so many locations?
• Why are there so many different brands of smart phones?

• Identify a need or want that needs to be satisfied
• Evaluate demand of products or services
• Acquire start-up money and capital
• Manage production
• Create a marketing plan
• Maintain good records or the business

• Research a unique product or service that you have never heard of
• Who created the product or service?
• What does the product or service do?
• Is there a company associated with this product or service? Is it successful?
• Can we buy this product/ how much does it cost?
• What is the target market for the product?
• Would you or your classmates be willing to buy this product?

• As of right now you are considered a consumer
• Does business have a duty to supply your demands, or should a business create a supply to help create your demand?
• If you could purchase just 1 item in the world, that is for sale, what would you buy?

• Go to the link: http://www.bls.gov/ooh/ . Click on the “A-Z Index” and enter the search term “tomorrow’s jobs”
• Write a 1 page report about the topic. Conclude the paper with a list of things that you can do now to prepare yourself for this occupation.

• Vocab review

• Explain how scarcity requires individuals and nations to make decisions about resources
• Describe the four factors of production
• Describe the three basic economic questions each country must answer to make decisions about using its resources
• Contrast the way a market economy and a command economy answer the three economic questions

• Scarcity
• Factors of Production
• Natural resources
• Labor resources
• Capital resources
• Entrepreneurial resource
• Entrepreneurship
• Entrepreneur
• economics
• Economic systems
• Market economy
• Price
• Supply
• Demand
• Equilibrium price
• Command economy
• Mixed economy

• Main factor governing production is scarcity
• What are some abundant resources? Scarce resources?
• Consumers are considered to have unlimited wants mixed with a limited supply
• What are some decisions that you personally made that were governed by the concept of scarcity

• Natural resources
• Labor resources
• Capital resources
• Entrepreneurial resources
• What are the factors of production that go into cheese?

• What are some natural resources that are found in the US?
• What type of labor is found in the US?
• How are capital resources different from capital?
• List 5 successful Entrepreneurs from other countries and what they did.

• Scarcity of economic resources forces every country to develop an economic system that determines how resources will be used. Each system has advantages and disadvantages.
• Economics studies how individuals and groups of individuals strive to satisfy their needs and wants by making choices.
• Who, what, when, where, why, and how

• List 3 companies that primarily specialize in natural resource extraction
• What natural resources do they extract?
• Write a 1 page article about one of the companies and their products/ services
• Try include the share price and ticker symbol.

Market
• Supply and demand
• Range of prices
• Equilibrium price
• Shortage
• Surplus
• Competition
Command
• Central authority makes key economic decisions
• Government dictates supply and price
• No competition
• Low innovation
• Low monetary motivation

• Mixed economies
• Combination of a market and command economy
• Governments can pick and choose what features of each theory they will provide

• Go to CIA factbook
• Download- Comparative systems worksheet
• Fill out the worksheet comparing the three countries
• Answer the following questions using examples from your research.
• How can the presence or absence of natural resources and arable land affect a nation's economy, regardless of the type of economic system?
• How can life expectancy and literacy rates affect the quality of labor in the economy?
• How can fertility rates affect the use of scarce resources?

• How can GDP per capita and poverty rates indicate standards of living in each system?
• How can the size of the industrial/service sector and the agriculture employment rate indicate the level of industrialization?
• How can electricity, communication, and transportation facilities indicate the potential for industrial growth?
• Considering the lack of natural resources, the labor problems, and the lack of capital and little industrialization of developing countries, how can developing countries develop? (Hint: Look at Economy - Overview for Chad).

• You are starting your own country. Your limitations are 1 coastline available to an ocean and 5 natural resources of your choosing.
• You can tailor the rest of your country to suit your needs as a government choosing an economic system.
• What system would you install? Why?
• What would you produce?
• What would you keep under government control?
• What would you allow to be a private enterprise?

• Concentration game