BF10: Principals of Business and Finance

1. UNDERSTANDING
Economic
S y s t e m s
https://flic.kr/p/hv8sMK

2. Satisfying
Needs&Wants
https://flic.kr/p/4xwv2Y
Part1:

3. Something you must have to survive
https://flic.kr/p/bLnsgF

4. Something you desire to have
https://flic.kr/p/dfssw5

5. Needs and Wants
are satisfied via
businesses offering
goods and services.
https://flic.kr/p/7LKBQp

6. Goods
Tangible items sold to
customers/consumers.
https://flic.kr/p/bJVEZz

7. Services
Intangible activities
businesses offer to
perform for their
customers/consumers.
https://flic.kr/p/j3i4dM

8. Resources
For creating
Goods&Services
https://flic.kr/p/CncyC

9. Natural
Resources
https://flic.kr/p/qaACNF
Raw materials found in the natural world.

10. Capital
Resources
https://flic.kr/p/9qBqTk
The tools, equipment, and buildings that
are used to produce goods and services.

11. HUMAN
Resources
https://flic.kr/p/8zVpDa
The people who contribute physical and
mental energy to the production process.

12. The BasicEconomic Problem
https://flic.kr/p/a4VVQT
Exists because of limited resources for satisfying unlimited wants and needs

13. Scarcityhttps://flic.kr/p/7Jcr9c
The limitation of resources to fulfill needs and wants.

14. Economic
Decision Making
https://flic.kr/p/ahwGjA
The process of choosing which wants, among several options, will be satisfied.

15. Trade Off
https://flic.kr/p/5StUPK
The process of giving up something for gaining something else.

16. Opportunity Cost
https://flic.kr/p/a4b7bd
The value of the next-best alternative that you did not choose.