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Unit 2Mr. Eleuteri
Introduction to Business
Summarize the three types of economic resources, Examine resources and economic decisions.
Investigate the elements capitalism
and the market economy.
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.
Home Transportation MedicineFood Education Other necessities
Desires Luxury Goods Priced higher than needs
Plumber Electrician Landscaper Construction Other
Tangible item Microwave oven Television Stereo Other
It is the basic economic problem. All countries have this problem because
of limited resources.
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.
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.
These resources assist in the production of buildings or offices etc.
Equipment, furniture, computers etc. are capital resources