Chapter 3 Intro to Business Economic Roles

Economic Roles You Perform The three roles that all people share are those of: Consumer Worker Citizen

Your Consumer Role Individual consumers buy more than two-thirds of all goods and services produced. As a consumer, you help businesses make their decisions. You do this by buying or not buying certain goods and services. Demand-means the quantity of a product or service that consumers are willing and able to buy at a particular price. Demand helps determine supply. Supply-means the quantity of a product or service that businesses are willing and able to provide at a particular price. Together, supply and demand play an important part in our market economy.

Your Worker Role Competition aids the consumer by helping to keep prices and profits at reasonable levels. No matter what price is set on products and services in the marketplace, you cannot enjoy the products and services unless you have the money to buy them. Standard of Living-refers to the way you live as measured by the kinds and quality of goods and services you can afford. Labor (worker) productivity-refers to the quantity of a good that an average worker can produce in an hour. 5th-1/28

Your Citizen Role Citizens pay taxes. The community uses the taxes to provide public goods. Public Goods-are something needed by a community and provided by its government (schools, parks, roads). As a citizen, you are allowed to help make these kinds of decisions in your community. This process is known as collective decision making (voting, running for office, attending city council meetings) As a citizen, you should remember that government cannot supply all that you and other people want. (I would like to see a new Central) 7th-1/28