Introduction to Business & Marketing 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 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” Example: coal, crude oil, tourism Example: water, air, soil

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

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

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)

Project Work individual Research an entrepreneur Create a flyer about entrepreneur on Word with the following information: Name Photo Biography of person Information of business Other facts Quote from the entrepreneur Cite resources