1. Business Economics in the Human Services Industry Practicum in Human Services

2. Copyright Copyright © Texas Education Agency, 2015. These Materials are copyrighted © and trademarked ™ as the property of the Texas Education Agency (TEA) and may not be reproduced without the express written permission of TEA, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from TEA. 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only, without obtaining written permission of TEA. 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way. 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts, Texas Education Service Centers, or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from TEA and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty. For information contact: Office of Copyrights, Trademarks, License Agreements, and Royalties, Texas Education Agency, 1701 N. Congress Ave., Austin, TX 78701-1494; phone 512-463-7004; email: copyrights@tea.state.tx.us Copyright © Texas Education Agency, 2015. All rights reserved. 2

3. Human Services Career Pathways Copyright © Texas Education Agency, 2015. All Rights Reserved. 3

4. Aspects of Industries and Careers Copyright © Texas Education Agency, 2015. All rights reserved. 4

5. The Economic System Copyright © Texas Education Agency, 2015. 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

6. General Economic Systems Copyright © Texas Education Agency, 2015. All rights reserved. 6 The economic systems include: Barter economy Command economic systems Gift economy Market economy Participatory economics Planned economy Traditional economy

7. Common Economic Systems Copyright © Texas Education Agency, 2015. All rights reserved. 7 Command Free market Mixed Traditional

8. Types of Economic Systems Copyright © Texas Education Agency, 2015. All rights reserved. 8 (click on image)

9. Supply and Demand Copyright © Texas Education Agency, 2015. All rights reserved. 9

10. Supply and Demand Copyright © Texas Education Agency, 2015. All rights reserved. 10 (click on image)

11. Determinants of Supply and Demand Copyright © Texas Education Agency, 2015. All rights reserved. 11

12. The Business Cycle Peak Contraction (recession) Trough Expansion (boom) Copyright © Texas Education Agency, 2015. All rights reserved. 12

13. Recession Stage Copyright © Texas Education Agency, 2015. All rights reserved. 13

14. Expansion Stage Copyright © Texas Education Agency, 2015. All rights reserved. 14

15. Types of Business Organizations Copyright © Texas Education Agency, 2015. All rights reserved. 15 Corporation Limited liability company (LLC) Partnership S corporation Sole proprietorship

16. Structures within Each Business Copyright © Texas Education Agency, 2015. All rights reserved. 16

17. Management of Products and Services Copyright © Texas Education Agency, 2015. All rights reserved. 17

18. Quality-control Systems for Goods and Services Copyright © Texas Education Agency, 2015. All rights reserved. 18

19. Government Involvement Copyright © Texas Education Agency, 2015. All rights reserved. 19

20. Competition Copyright © Texas Education Agency, 2015. All rights reserved. 20

21. Spending Decisions Copyright © Texas Education Agency, 2015. 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

22. Copyright © Texas Education Agency, 2015. All rights reserved. 22

23. References and Resources Images: All photos obtained through a license with Shutterstock.com™. Bureau of Labor Statistics Websites: Bureau of Labor Statistics Employment Projections — 2012-2022 http://www.bls.gov/news.release/pdf/ecopro.pdf Small Business Administration Starting a small business https://www.sba.gov Small Business Administration Strategic Planning for Small Businesses online course. https://www.sba.gov/tools/learning-center-view-course/1387291 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. https://youtu.be/8-yWKgZv9JY 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. https://youtu.be/5xgwYRX19VU Copyright © Texas Education Agency, 2015. All rights reserved. 23