2. Unit 1: The Economy and You
Chapter 1: Basic Economic Concepts
Chapter 2:Economic Resources and Systems
Chapter 3: Economic Activity in a Changing World
Chapter 4: Business Ethics and Social Responsibility

3. Unit 1 Essential questions
Describe economic activity and how it affects everyday life.
What is the difference between a “want” and a “need”?
How do businesses satisfy wants and needs?
Why must societies make decisions about what to produce?
How do societies choose what to produce?
How is economic activity measured?
What are the phases of the business cycle?
Why is it important for businesses to behave in an ethical manor?
What does it mean for a business to be socially responsible?

4. Chapter 1: Basic Economic Concepts learning goals
State the difference between wants and needs
Describe how resources limit the number of wants people and businesses can satisfy
Explain how to use the decision-making process to make the most of your resources
Explain how profit and competition motivate business
List the activities businesses undertake when developing products and services
Explain how business impacts your and how you impact business

5. Key Vocabulary Wants Needs Goods Services Resources Business Profit
Competition
Market research
Consumer
This is going to be the beginning of your business dictionary. This is a year-long assignment which I can check at any time, so make sure it is up to date. Make sure that the dictionary is in alphabetical order and each word is labeled with the chapter where the word was found in, as well as the definition and one example of the word.

6. Introduction to Business Math
Calculate cost to buy 100 shares of Apple inc., Bank of America, and Yahoo Inc. as of today.
What is the value of a company’s stock called in the market?
Which company has the highest value in the market?

7. A Look at Wants and Needs
Businesses make money by offering goods and services to satisfy the wants and needs of consumers and other businesses. In this way, wants and needs drive the US economy.
Things I need to survive include _____________. Things I want include ____________
List 5 examples of each.
Compare your list with a partner’s to see any similarities and differences

8. A Look at Wants and Needs
You have $10 to buy something on Amazon.com, assume no shipping or taxes, what would you buy?
Create a list at your table of the things you NEED then create a list of the things you WANT
Next create a list for the wants and needs of a business in general.
Download- Anticipation Guide Principles of Finance
Circle whether you agree or disagree, and your reason as to why. We will go over the I learned section together.

9. Public vs. private wants and needs
Public wants and similar to public utilities and services
Highways, schools, libraries, parks, etc.
Private wants are similar to the private sector businesses
Subsidy on foreign goods
Higher wages for the individual

10. Satisfying wants and needs
The business market place consists of goods and services used to meet the wants and needs of the consumer
What companies produce goods?
What companies produce services?
Resources are used by businesses to supply these wants and needs
What are some resources needed to create a smart phone?
What are some resources needed to advertise a product?

11. Ethics in business
You work as an event planner for a local company. You are in charge of hiring a caterer for the company’s 10th anniversary celebration. You have bids from four caterers in town. One of the bids is from a caterer who is an old friend. Their bid is higher than the other three.
Would your relationship with the caterer affect the company you would hire? Why?

12. Assignment Confidentiality Agreements
A confidentiality agreement is a contract that requires the employee or contractor not to reveal information that they acquire while working for an employer or client.
Research several agreements online to compare and contrast. Create a list with the similarities and difference between the agreements. Make a few comments as to which one seems harsher, were you surprised at the language, and how would you like to need a confidentiality agreement to go to work?

13. Making the most of your resources
What term is used to maximize your outputs with the minimum amount of inputs?
Use the following 5 steps to answer the following question:
You found a $50 on the ground. You go on a shopping spree to get anything you want for $50. The day after you finish your best friend comes up to you in tears describing how they lost a $50 bill from their birthday. What do you do?
Identify the situation
Identify possible course of action
Determine the pros and cons
Make a decision
Evaluate your decision

14. Making the most of your resources
In making a house hold budget, you determine that your basic needs require 75% of your monthly income. The items you listed as “wants” cost another 15%. If your monthly income is $2,500, how much are you spending on wants? How much do you have left to save?

15. Creating a Presentation
Presentation requirements:
Note cards to project your voice and not talk to the board
Use proper citations
Keep slides uncluttered, but use appropriate graphics, fonts, and colors

16. Needs and the Environment
We live in a very diverse climate with changing seasons and dynamic temperatures that vary between 100o and 0o F. Pick a geographical area, anywhere in the world. It could be a city, state, region, country, area as long as it is defined. Now describe the wants and needs of the people in this environment
5 slides (not including the title or citations)
Note cards
Business casual
Rubric-presentation
5 vocab words from the chapter are to be used during the presentation

17. Business Activities Anticipation for business activities:
At your table come up with one product you would like to analyze
What resources are needed to create this product?
What goods?
What services?
How does it get to the store shelf?
Why do businesses produce overlapping products? For example, why do so many stores sell bread?

18. How to define business What defines business?
The ability to make a profit
What are some businesses that you patronize?
Why do you patronize these specific businesses?
What would motivate anyone to start or maintain a business?
List 5 successful entrepreneurs who started a business and what their company is called

19. The significance of competition
Companies can produce whatever they want, however they want
Specific advantages based on pricing, ideas, production, efficiency, quality, service, etc.
Target market- a group of people identified as those most likely to become customers
Why do the best athletes and most talented actors make the most money?
How come you can buy bread at so many locations?
Why are there so many different brands of smart phones?

20. Business Activities Identify a need or want that needs to be satisfied
Evaluate demand of products or services
Acquire start-up money and capital
Manage production
Create a marketing plan
Maintain good records or the business

21. Assignment: Presentation
Research a unique product or service that you have never heard of
Who created the product or service?
What does the product or service do?
Is there a company associated with this product or service? Is it successful?
Can we buy this product/ how much does it cost?
What is the target market for the product?
Would you or your classmates be willing to buy this product?

22. How do you fit into business?
As of right now you are considered a consumer
Does business have a duty to supply your demands, or should a business create a supply to help create your demand?
If you could purchase just 1 item in the world, that is for sale, what would you buy?

23. Business careers
Go to the link: Click on the “A-Z Index” and enter the search term “tomorrow’s jobs”
Write a 1 page report about the topic. Conclude the paper with a list of things that you can do now to prepare yourself for this occupation.

24. Chapter 1 Quiz
Vocab review

25. Chapter 2: Economic Resources and Systems
Explain how scarcity requires individuals and nations to make decisions about resources
Describe the four factors of production
Describe the three basic economic questions each country must answer to make decisions about using its resources
Contrast the way a market economy and a command economy answer the three economic questions

26. Key vocabulary Scarcity Factors of Production Natural resources
Labor resources
Capital resources
Entrepreneurial resource
Entrepreneurship
Entrepreneur
economics
Economic systems
Market economy
Price
Supply
Demand
Equilibrium price
Command economy
Mixed economy

27. Economic Decision making
Main factor governing production is scarcity
What are some abundant resources? Scarce resources?
Consumers are considered to have unlimited wants mixed with a limited supply
What are some decisions that you personally made that were governed by the concept of scarcity

28. Factors of Production Natural resources Labor resources
Capital resources
Entrepreneurial resources
What are the factors of
production that go into cheese?

29. Factors of Production
What are some natural resources that are found in the US?
What type of labor is found in the US?
How are capital resources different from capital?
List 5 successful Entrepreneurs from other countries and what they did.

30. Economic Systems
Scarcity of economic resources forces every country to develop an economic system that determines how resources will be used. Each system has advantages and disadvantages.
Economics studies how individuals and groups of individuals strive to satisfy their needs and wants by making choices.
Who, what, when, where, why, and how

31. Finding Natural Resources
List 3 companies that primarily specialize in natural resource extraction
What natural resources do they extract?
Write a 1 page article about one of the companies and their products/ services
Try include the share price and ticker symbol.

32. Types of Economies Supply and demand Range of prices Equilibrium price
Market
Command
Supply and demand
Range of prices
Equilibrium price
Shortage
Surplus
Competition
Central authority makes key economic decisions
Government dictates supply and price
No competition
Low innovation
Low monetary motivation

33. Types of economies Mixed economies
Combination of a market and command economy
Governments can pick and choose what features of each theory they will provide

34. Online assignment Go to CIA factbook
Download- Comparative systems worksheet
Fill out the worksheet comparing the three countries
Answer the following questions using examples from your research.
How can the presence or absence of natural resources and arable land affect a nation's economy, regardless of the type of economic system?
How can life expectancy and literacy rates affect the quality of labor in the economy?
How can fertility rates affect the use of scarce resources?

35. Online assignment
How can GDP per capita and poverty rates indicate standards of living in each system?
How can the size of the industrial/service sector and the agriculture employment rate indicate the level of industrialization?
How can electricity, communication, and transportation facilities indicate the potential for industrial growth?
Considering the lack of natural resources, the labor problems, and the lack of capital and little industrialization of developing countries, how can developing countries develop? (Hint: Look at Economy - Overview for Chad).

36. Presentation
You are starting your own country. Your limitations are 1 coastline available to an ocean and 5 natural resources of your choosing.
You can tailor the rest of your country to suit your needs as a government choosing an economic system.
What system would you install? Why?
What would you produce?
What would you keep under government control?
What would you allow to be a private enterprise?

37. Chapter 2 Quiz
Concentration game