Business Economics in the Human Services Industry Practicum in Human Services

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Human Services Career Pathways Copyright © Texas Education Agency, All Rights Reserved. 3

Aspects of Industries and Careers Copyright © Texas Education Agency, All rights reserved. 4

The Economic System Copyright © Texas Education Agency, All rights reserved. 5 The economic system involves: distribution of economic outputs financial institutions government policies households investments land availability production the allocation of economic inputs

General Economic Systems Copyright © Texas Education Agency, All rights reserved. 6 The economic systems include: Barter economy Command economic systems Gift economy Market economy Participatory economics Planned economy Traditional economy

Common Economic Systems Copyright © Texas Education Agency, All rights reserved. 7 Command Free market Mixed Traditional

Types of Economic Systems Copyright © Texas Education Agency, All rights reserved. 8 (click on image)

Supply and Demand Copyright © Texas Education Agency, All rights reserved. 9

Supply and Demand Copyright © Texas Education Agency, All rights reserved. 10 (click on image)

Determinants of Supply and Demand Copyright © Texas Education Agency, All rights reserved. 11

The Business Cycle Peak Contraction (recession) Trough Expansion (boom) Copyright © Texas Education Agency, All rights reserved. 12

Recession Stage Copyright © Texas Education Agency, All rights reserved. 13

Expansion Stage Copyright © Texas Education Agency, All rights reserved. 14

Types of Business Organizations Copyright © Texas Education Agency, All rights reserved. 15 Corporation Limited liability company (LLC) Partnership S corporation Sole proprietorship

Structures within Each Business Copyright © Texas Education Agency, All rights reserved. 16

Management of Products and Services Copyright © Texas Education Agency, All rights reserved. 17

Quality-control Systems for Goods and Services Copyright © Texas Education Agency, All rights reserved. 18

Government Involvement Copyright © Texas Education Agency, All rights reserved. 19

Competition Copyright © Texas Education Agency, All rights reserved. 20

Spending Decisions Copyright © Texas Education Agency, All rights reserved. 21 What?Where? When?How? Which item To buy or not to buy How to pay Unplanned or Impulsive From what source Planned purchase

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References and Resources Images: All photos obtained through a license with Shutterstock.com™. Bureau of Labor Statistics Websites: Bureau of Labor Statistics Employment Projections — Small Business Administration Starting a small business Small Business Administration Strategic Planning for Small Businesses online course. YouTube™: Supply and Demand If you’ve only heard of one economics concept, it’s probably supply and demand. The video contains the 2-minute version of what supply and demand consist of. UniversityNow: Types of Economic Systems Nearly every society in the world bases same fundamental problem how to distribute limited resources to people in a way that will be fair. Copyright © Texas Education Agency, All rights reserved. 23