Introduction to Business & Marketing Economics: Day 1 Introduction to Business & Marketing

Need v. Want

Needs NEEDS- something that is essential; that you must have Example: Water List some needs

Wants WANTS- something that you desire Example: Soda List some wants

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

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

Land Land: “everything on the Earth that is in its natural state”

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

Land Land: natural resources of various countries: USA: coal, forest, copper, gold, natural gas Russia: timber, gas, coal, gold Saudi Arabia: oil Canada: oil, uranium, timber

Labor Labor: “all the people who work in the economy” Example: sales associates at Old Navy, teachers, bank managers, coal miners, farm workers, cashier, news anchor

Capital Capital: “money needed to start and operate a business as well as buildings, materials, equipment, etc.” Examples: money, factories, buildings, machinery, equipment

Entrepreneurship Entrepreneurship: “ability to start and/or own your own business” Examples: Mary Kay Ash - Mary Kay Cosmetics Henry Ford - Ford Motor Company Steve Jobs – Apple Bill Gates - Microsoft

Activity Students will work individually. Students will select 2 companies to research on the Internet. Each student 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). Land Labor Capital Entrepreneurship