Introduction to Business Chapter 3 Economic Roles Essential Question: What is our role in the economy?

Standards Addressed: 1.1Business Communications (C): Students will understand communications as applied to personal and professional situations. They will demonstrate competency by selecting and using appropriate forms of communications in a variety of situations Systems–use systems thinking to discuss the impact of cultural, organizational, technological and behavioral characteristics on the selection of communication strategies and methods. 1.4 Economics and Financial Concepts (C): Students will understand the impact of global and domestic businesses, financial concepts, and integrated business models. They will demonstrate competency by using appropriate technology and other resources to solve business problems Economic Culture–explain how culture affects economic practice and business ethics Economic Systems–describe a variety of economic systems

Chapter Objectives:  Identify three economic roles each person performs.  Explain how consumers affect the supply and demand for goods and services.  Understand the impact of worker productivity on our standard of living.  Recognize the role of citizens in our economy.

Economic roles you perform p. 31  Everyone plays economic roles of:  Consumer  Worker  Citizen

Your consumer role p.31  Consumers vote in favor of goods or services provided by businesses; thus successful businesses must be responsive to the needs and wants of consumers.  Consumer demand helps determine supply. Demand is the quantity of a product or service that consumers are willing and able to buy at a particular price.  Supply and demand affect prices. Supply is the quantity and/or quality of a product or service that businesses are willing and able to provide at a particular price.  Competition keeps prices reasonable. Competition is one of the main characteristics of the free enterprise system.

Your worker role p. 33  Competition and voluntary exchange cause suppliers of goods and services to produce them efficiently.  If not price, then service or quality to add value to customer.  Worker productivity is an important factor in advancing our nation’s standard of living.  Efficiency of the market is determined by consumer purchases to maintain their standard of living. The standard of living is a measure of how well a people in a country live or the quality and quantity of wants and needs that are satisfied.  The more productive the workforce the more efficient pricing, quality and service. Labor (or worker) productivity is measured by the quantity of a good an average worker produces in one hour.

Your citizen role p.35  Citizens must make economic decisions for the public good. As a citizen, you join with other citizens in making some economic decisions for the common good. Public goods are things that are needed and provided by a community and are equally accessible to everyone.

Assignments  Do Now  Thursday--Calculate Business Data p. 37 #28  Friday--Calculate Business Data p. 37 #29  Read example and calculate answer in an Excel spreadsheet, show your work. Give a short explanation as to your answers. Workshop Discussion Communicate Business Concepts questions p. 26. Discuss questions with your group and write a brief answer to questions

Homework Define Key Terms Develop your Business Language p. 37. Answer Review your reading questions 1-12 p.36. The Resume Handbook for High School Students.