1. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Daily Information 10/26 1 Objectives: Examine the different phases in the typical business cycle. Outline the four types of competition. Warm Up: Explain why no country has enough resources to satisfy all the wants of all people for material goods and services. Agenda: 1.Complete warm-up 2.Economics PP. 3.Concept check activity 4.Bottom Line

2. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Daily Information 10/27 2 Objectives: Define economics and describe the two types of economic systems: capitalism and command economy. Identify the ways to measure economic performance. Warm Up: Explain and list examples of how business is related to politics and politics is related to business. Agenda: 1.Complete warm-up 2.Econ PP. 3.Individual PP 4.Bottom Line

3. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Daily Information 10/30 3 Objectives: Define economics and describe the two types of economic systems: capitalism and command economy. Identify the ways to measure economic performance. Warm Up: What are you doing for Halloween? Check your grade in infinite campus. Agenda: 1.Warm-Up 2.WSJ Article

4. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Daily Information 11/2 (g) 4 Objectives: Define economics and describe the two types of economic systems: capitalism and command economy. Identify the ways to measure economic performance. Warm Up: Explain and list examples of how business is related to politics and politics is related to business. Agenda: 1.Warm-Up 2.Econ PP. 3.Concept check activity 4.Bottom Line

5. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Economics Economics is the study of how wealth (anything of value) is created and distributed. Microeconomics The study of the decisions made by individuals and businesses Macroeconomics The study of the national and global economies © KK-ARTWORKS/SHUTTERSTOCK © MANGOSTOCK/SHUTTERSTOCK

6. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Four Economic Questions WHAT goods and services will be produced? HOW will they be produced? FOR WHOM will they be produced? WHO owns and controls the major factors of production?

7. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Factors of Production  Land and natural resources  Labor  Capital  Entrepreneurship WHO owns and controls the major factors of production? ***Resources used to provide goods and services ***The answer to this question will tell you what type of Political System a country has.

8. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Factors of Production Land Labor Capital Entre- preneurship Elements in their natural state that can be used in production Ex: crude oil, minerals, water, land, forests, even air Human resources such as managers and employees Ex: employee knowledge and skills Equipment used to produce other goods Ex: money, buildings, tools, machines Ownership of a business Ex: starting a business (planning, managing, risk)

9. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Economic Systems  Market economy Individual and businesses determine what, how, and for whom goods and services will be produced. Price is based on the market (capitalism)  Command economy Government controls most of the factors of production and determines what, how, and for whom goods and services will be produced (socialism and communism)  Mixed economy Aspects of a market and a command economy are used to make these decisions (capitalism and socialism) ****The United States has a mixed economy****

10. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Political Systems  Capitalism Private citizens are free to go into business for themselves Produce whatever they choose, and distribute what they produce  Socialism Government decides what will be produced, how it will be produced, and who owns and controls the factors of production.  Communism (extreme socialism) Government owns and controls all factors of production. Plans production to meet the needs of the state. Dictates occupations, wages, and prices.

11. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Adam Smith’s Capitalism Laissez-faire = “let them do”

12. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Measuring Economic Performance  Productivity: The average level of output per worker  Gross Domestic Product (GDP): all goods and services produced within the boundaries of a country  Real Domestic Product (RDP): the total value of a nation's goods and services that have been adjusted for inflation  Consumer Price Index (CPI): monthly index that tracks the prices paid by consumers © JELICA VIDENOVIC/SHUTTERSTOCK © TRIBALIUM/SHUTTERSTOCK

13. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Inflation: The general increase in the price of products. Deflation: The general decrease in the price of products. Inflation/Deflation © TIBALIUM/SHUTTERSTOCK

14. Supply and Demand Supply  The quantity of goods and services that producers are willing and able to provide  When Supply > Demand, the Price goes DOWN Demand  The willingness and ability of consumers to buy goods and services  When Demand > Supply, the Price goes UP Slide 14

15. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. FIGURE 1-7 Supply Curve and Demand Curve 1 15

16. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Business Cycle 1 16 Peak Recession Trough Recovery Time Output (GDP)

17. When economy is…..Growing/Recovery..  People buy goods and services  Jobs are created  Businesses are hiring..Slowing/Recession..  People buy fewer goods and services  Fewer people are hired; there are layoffs  Businesses are not growing Slide 17

18. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. National Debt National DEBT as of Oct 2013 $16,738,158,460,000 The National Debt is the total amount the federal government owes.

19. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Competition Perfect Competition  Many buyers and sellers offering the same product (ex: corn, wheat, peanuts) Monopolistic Competition  Many sellers offering similar but not identical products  Gain a competitive edge through product differentiation – unique features, attention-getting brand name, unique packaging, special services (ex: clothing, shoes) Oligopoly Competition  A few large sellers (ex: automobiles, cereals) Monopoly  One seller that sets its price based on demand (ex: public utilities)

20. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. American Business Today In today’s competitive business world, which of the following environments affects business the most? 1 20 Competitive Global Technological Economic

21. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Daily Information 10/29 Objectives: Define economics and describe the two types of economic systems: capitalism and command. Identify the ways to measure economic performance. Agenda: 1.Warm Up 2.Review GarageWorks 3.Supply & Demand exercise 4.Concept 5.Quiz ‘s 6.Test Yourself 7.Rags-Riches 8.Bottom Line

22. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 3 - Economics 1 22

23. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. GarageWorks! GarageWorks! Material resources:  Car or Van for transport: people and equipment and supplies  Cleaning equipment: sponges, brooms, rags, towels, sprayers, long-handled cleaners for ceilings  Cleaning supplies: wood cleaners, concrete and metal cleaners, rust remover, garbage bags  Work shoes/boots and clothes:  Organizing supplies: nails, hammers, shelving, etc.  Bins/boxes to hold/transport equipment/supplies  Place to keep supplies/equipment when not in use 1 23

24. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. GarageWorks! GarageWorks! Human resources: You have four people in your company. Will you always need—or even have—four people? How many hours do you need to do a “typical” job? How much time will you have to spend on…  Getting customers? (Advertising)  Organizing?  Getting supplies? How will you decide who does what? 1 24

25. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Current Economic State  Video from Nightly Business Report  October 12, 2015  http://nbr.com/category/nbr-show-clips/ (Economic Optimism) http://nbr.com/category/nbr-show-clips/ 1 25

26. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Economic Sections  Economic Systems  Measuring Economic Performance  The Business Cycle  Types of Competition 1 26

27. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Daily Information 10/30 Objectives: Define economics and describe the two types of economic systems: capitalism and command. Identify the ways to measure economic performance. Agenda: 1.Warm Up 2.Concept 3.Quiz ‘s 4.Test Yourself 5.Rags-Riches 6.Bottom Line Quiz will be on Tuesday, November 10th

28. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Daily Information 11/2 Objectives: Define economics and describe the two types of economic systems: capitalism and command. Identify the ways to measure economic performance. Warm Up: Explain why no country has enough resources to satisfy all the wants of all people for material goods and services. Agenda: 1.Warm Up 2.Concept 3.Quiz ‘s 4.Test Yourself 5.Rags-Riches 6.Ch2 SG 7.Bottom Line

29. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Concept Checks  Economic Systems  Measuring Economic Performance  The Business Cycle  Types of Competition 1 29

30. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Quiz Questions  Economic Systems  Measuring Economic Performance  The Business Cycle  Types of Competition 1 30 1.Present your PowerPoint to group members. 2.As a group, create and answer one quiz question for each section.

31. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Quiz Questions  Economic Systems  Measuring Economic Performance  The Business Cycle  Types of Competition 1 31 1.Quiz questions must force you to apply, classify, conclude, or develop. 2.Be sure to provide an answer, or suggested answer to your question.

32. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Test Yourself 1 32

33. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Rags to Riches  Go to the link provided (also in the webdesign folder) http://www.quia.com/rr/1027824.html  Win a million dollars!  Show me that you won. 1 33

34. Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 3 SG  Due Tuesday, Nov. 10th  Chapter 3 QUIZ: Nov. 10 th  Be sure you have your passwords!! 1 34