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Economics: Day 1

Economics: Day 1. Introduction to Business & Marketing. Economy. Economy: “the organized way a nation provides for the needs and wants of its people” Determines what each country will manufacture, buy, sell, invest, and transport. . Resources.

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Economics: Day 1

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  1. Economics: Day 1 Introduction to Business & Marketing

  2. Economy • Economy: “the organized way a nation provides for the needs and wants of its people” • Determines what each country will manufacture, buy, sell, invest, and transport.

  3. Resources • Resources: “all of the things used in producing goods & services”

  4. Factors of Production • Factors of Production: “technical term economists use for resources” • Land • Labor • Capital • Entrepreneurship

  5. Land • Land: “everything on the Earth that is in its natural state” • Example: coal, crude oil • Example: water, air, soil

  6. Labor • Labor: “all the people who work in the economy” • Example: full-time & part-time employee • Example: sales associate working at Old Navy

  7. Capital • Capital: “includes money needed to start and operate a business” • Example: factories, buildings, machinery • Example: factory building producing goods in Minnesota

  8. Entrepreneurship • Entrepreneurship: “ability to start/own your own business” • Example: planning to make & sell skateboards • Example: Mary Kay Cosmetics (Mary Kay Ash), Ford Motor Company (Henry Ford)

  9. Activity • Students will be split into groups or pairs. • Each group will select a company which they will research on the Internet. • Each group/pair will be responsible for identifying (using chart form) the land, labor, capital, and entrepreneurs involved in their company (perhaps after picking a specific good or service).

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