Copyright © Texas Education Agency, 2011. All rights reserved Principles of Business, Marketing, and Finance Marketing Goods and Services Copyright © Texas Education Agency, 2011. All rights reserved

Copyright © Texas Education Agency, 2011. All rights reserved U.S. Economy Is the largest producer of goods and services in the world Has twice as many shopping malls as it does high schools America-leader in consuming goods and services Use of Credit Increased purchasing power Led to more debt Ask students what things consumers cut from spending when economic conditions become bad. Ask students why shopping malls have an increasing number of open spaces for stores. Explain how the economy is directly related to consumer demand and spending. Demand and spending is directly related to the rate of employment Copyright © Texas Education Agency, 2011. All rights reserved

Copyright © Texas Education Agency, 2011. All rights reserved Economic Resources Means through which goods and services are produced (Factors of Production) Natural resources Human resources Capital resources Resources are Limited Ask students to make a list of the greatest resources in the United States. Then ask how the resources are used in a global business setting. Copyright © Texas Education Agency, 2011. All rights reserved

Basic Economic Problem-Scarcity Not having enough resources to satisfy every need Economic Decision-making Scarcity forces individuals, businesses, and governments to make choices Economic decision-making (process of choosing which wants, among several options, will be satisfied Trade-off (when you give up something to have something else Opportunity cost-the value of the next-best alternative that you did not choose Copyright © Texas Education Agency, 2011. All rights reserved

The Decision-Making Process Define the problem. Identify the choices. Evaluate the advantages and disadvantages of each choice. Choose one choice. Act on your choice Review your decision. Ask students to list a major decision they must make. Then ask students to incorporate the steps of the decision-making process to make their decision Copyright © Texas Education Agency, 2011. All rights reserved

Automobile Comparisons Assignment Using some websites like Edmunds.com or Autotrader.com to choose 3 comparable new automobiles and research the following:    Domestic or Imported Options (audio systems, sunroof, navigation, leather, etc.) choose 5 Gas Mileage Price Safety Rating   Put these results in a table in a word document and then list which one of the three you would you buy and why? Give 3 reasons from your research.