Economic Roles &  Supply and Demand Lesson 1-4
Economic Roles <ul><li>Consumer  </li></ul><ul><li>Worker </li></ul><ul><li>Citizen </li></ul>
Your Role as Consumer <ul><li>Buying decisions of all consumers provide answer to  how  we will use our scarce resources. ...
<ul><li>Dollar Votes Help Create Demand </li></ul><ul><li>Consumers help businesses make decisions by buying or not buying...
<ul><li>Demand – quantity of a product or service that consumers are willing and able to buy at a particular price </li></...
<ul><li>Demand and Supply Affect Prices </li></ul><ul><li>Supply   Demand    then   Prices </li></ul><ul><li>Supply    Dem...
<ul><li>Competition helps keep prices at a reasonable level. </li></ul><ul><li>Competition causes suppliers to produce goo...
Your Role as a  Worker <ul><li>Standard of Living is affected by the money you earn as a worker. </li></ul><ul><li>Standar...
Productivity <ul><li>Labor (or worker) Productivity refers to the quantity of a good that an average worker can produce in...
Your Role as Citizen <ul><li>Pay taxes to local, state and federal governments. </li></ul><ul><li>Taxes provide public goo...
Public Goods <ul><li>Something needed by a community and provided by its government.  </li></ul><ul><li>Public goods make ...
THE END
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Intro To Business; Lesson 1 4

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Supply and Demand

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Intro To Business; Lesson 1 4

  1. 1. Economic Roles & Supply and Demand Lesson 1-4
  2. 2. Economic Roles <ul><li>Consumer </li></ul><ul><li>Worker </li></ul><ul><li>Citizen </li></ul>
  3. 3. Your Role as Consumer <ul><li>Buying decisions of all consumers provide answer to how we will use our scarce resources. </li></ul><ul><li>Buying decisions greatly influence market economy. Two-thirds of all goods and services are bought by individual consumers. </li></ul>
  4. 4. <ul><li>Dollar Votes Help Create Demand </li></ul><ul><li>Consumers help businesses make decisions by buying or not buying their products. </li></ul>
  5. 5. <ul><li>Demand – quantity of a product or service that consumers are willing and able to buy at a particular price </li></ul><ul><li>Supply – quantity of a product or service that businesses are willing and able to provide at a particular price. </li></ul>
  6. 6. <ul><li>Demand and Supply Affect Prices </li></ul><ul><li>Supply Demand then Prices </li></ul><ul><li>Supply Demand then Prices </li></ul>
  7. 7. <ul><li>Competition helps keep prices at a reasonable level. </li></ul><ul><li>Competition causes suppliers to produce goods and services efficiently. </li></ul>
  8. 8. Your Role as a Worker <ul><li>Standard of Living is affected by the money you earn as a worker. </li></ul><ul><li>Standard of Living refers to the way you live as measured by the kinds and quality of goods and services you can afford. </li></ul>
  9. 9. Productivity <ul><li>Labor (or worker) Productivity refers to the quantity of a good that an average worker can produce in an hour. </li></ul><ul><li>High productivity allows us to achieve higher standard of living. U.S. is highest in the world. </li></ul>
  10. 10. Your Role as Citizen <ul><li>Pay taxes to local, state and federal governments. </li></ul><ul><li>Taxes provide public goods. </li></ul><ul><li>Vote in elections. </li></ul>
  11. 11. Public Goods <ul><li>Something needed by a community and provided by its government. </li></ul><ul><li>Public goods make a community a better place in which to live by improving quality of life. </li></ul>
  12. 12. THE END
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