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Chapter 1
 

Chapter 1

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    Chapter 1 Chapter 1 Presentation Transcript

    • Intro to Business Economic Decisions Mr. Keown
    • Introduction
      • Needs and Wants
      • Goods and Services
      • Factors of Production
      • Limited Resources
      • Decision Making
    • Needs & Wants
      • What is a Need ?
        • Things that are necessary for survival.
        • For example…
          • Food, Clothing, and Housing
      • What is a Want ?
        • Things not necessary for survival, but which add comfort and pleasure to our lives.
        • For example…
      • There are Unlimited Wants.
    • Goods & Services
      • What are Goods ?
        • Goods are things you can see and touch.
        • For example…
      • What are Services ?
        • Our wants that are satisfied through the efforts of other people or by equipment.
        • For example…
    • Factors of Production
      • What are Factors of Production ?
        • The means through which goods and services are produced.
        • Three (3) factors of production.
          • Natural Resources
          • Human Resources
          • Capital Resources
    • Natural, Human, & Capital Resources
      • Natural Resources
        • Raw Materials supplied by nature
        • For example…
          • All the materials that come from the earth, the water, or the air.
          • Iron ore, gold, oil, copper, etc.
      • Human Resources (Labor)
        • The people who work to produce goods or services.
        • For example…
    • Natural, Human, & Capital Resources
      • Capital Resources (Capital)
        • The tools, equipment, and buildings that are used to produce goods and services.
        • For example…
          • Office buildings, factories, tractors, carpenters’ tools, computers, delivery trucks, display cases, etc.
          • Money
    • Limited Resources
      • Since our resources are limited , we are limited in what we can build and produce.
      • Scarcity
        • The conflict between unlimited wants and limited resources
    • The Decision Making Process
      • Define the problem
      • Identify the choices
      • Evaluate the advantages and disadvantages of each choice.
      • Choose
      • Act on your choice
      • Evaluate
    • Summary
      • Needs and Wants
      • Goods and Services
      • Factors of Production
      • Limited Resources
      • Decision Making