1. Unit 2 Mr. Eleuteri Introduction to Business

2.  Summarize the three types of economic resources, Examine resources and economic decisions.  Investigate the elements capitalism and the market economy.

3.  Demonstrate ability to categorize economic resources  Understand how capitalism and economic systems affect our society.  Define direct and indirect competition and determine how each affects business decisions.  Define and determine how supply and demand operates in a market economy.  Identify businesses or products affected by supply and demand.  Determine how market price is established given certain business situations.  Illustrate the demand and supply curves and market price.

4.  Home  Transportation  MedicineFood  Education  Other necessities

5.  Desires  Luxury Goods  Priced higher than needs

6.  Plumber  Electrician  Landscaper  Construction  Other

7.  Tangible item  Microwave oven  Television  Stereo  Other

8.  It is the basic economic problem.  All countries have this problem because of limited resources.

9.  the collective wealth of a country or its means of producing wealth.  Also known as factors of production- economic resources are the materials in which goods are from or how they are produced.

10.  Also known as labor  People are human resources

11.  Any resource from nature such as coal or minerals, fish, air or water  A country’s wealth is determined by its vast resources and ability to utilize them.

12.  Capital= Money

13.  These resources assist in the production of buildings or offices etc.  Equipment, furniture, computers etc. are capital resources