Chapter 5.1 Business in the U.S. Economy 2012.

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Presentation transcript:

Chapter 5.1 Business in the U.S. Economy 2012

Business & the Economy “The business of America is business” - Calvin Coolidge (Patron saint of the Tea Party) “The most important role of businesses is to make and distribute products and services needed by consumers, government, and other businesses” Agree or Disagree?

*Make and distribute products and services needed by consumers* Roles of Business Employment Purchase Good and Services Compensate Owners and Investors Tax Payments *Make and distribute products and services needed by consumers*

U.S. Economic Changes http://www.youtube.com/watch?v=ZmfXksLir1g&feature=related http://www.youtube.com/watch?v=9jqY7aDOvCg http://www.youtube.com/watch?v=2XIQkDldpmI&feature=related

Impacted by “baby boomers” 1946-1964 Employment Data Essential for determining economic and employment trends at various levels Impacted by “baby boomers” 1946-1964 http://money.usnews.com/money/careers/articles/2011/05/06/graph-april-jobs-report-continues-upward-trend

Percent of Businesses by Employee Size Source: U.S. Census Bureau

Pressures on the Employees Technology streamlined production and introduced cost-cutting procedures Examples? Wages Work-week hours Opportunities Contingent workers

….Round Table…. Will the jobs that interest you today be available in 10 years? Do today’s workers have more or fewer pressures on them than workers of the past? Why?

Business Activities Generating Ideas Raising Capital Employing and Training Personnel Buying Goods and Services Marketing Goods and Services Maintaining Business Records

Types of Businesses Producers Builders, Product Manufacturers Intermediaries Retailers and Wholesalers Service Businesses Dentists, Baby-sitters, Delivery Service

How does a manufacturer differ from an extractor? ….Round Table…. How does a manufacturer differ from an extractor? An extractor takes natural resources, such as oil or timber, for direct consumption or for use in developing other products. A manufacturer takes resources supplied by others and converts them into useable products.

Share the info… Answer & hand in before leaving please The largest number of U.S. businesses employ ___________ More than 100 people Between 50 and 100 people Between 10 and 20 people No employees other than the owner 2. Which of the following is NOT one of the common activities of all businesses? Producing goods and services Employing and training personnel Marketing goods and services Maintaining business records 3. A retailer is an example of a(n) __________ Extractor Producer Intermediary Service business