Thursday, May 8, 2008
Course Concepts and Expectations
Write what you know about the course. What you expect to learn? How do you think this course will help you when you graduate?
Unit 1 Basic Economy and You
Wants and Needs
Everyone has wants and needs. Wants are things that you do not have to have to survive, but would like to have. Needs are things that you must have in order to survive. People use resources to make or obtain what they need or want. Resources limit the number of needs and wants people can satisfy. The decision-making process can help you make good choices and make the most of your resources by considering alternatives and their consequences. The longer a decision will affect your life, the more you need to consider all of the possible consequences.
Business Tasks
Businesses supply good and services with the motivation of making profits. Companies thrive on competition, the contest between businesses undertake these activities: identifying opportunities, evaluating demand, obtaining money, managing production, marketing to consumers and buinesses, and keeping records. Consumers affect businesses by deciding what kind of goods and services to buy. Businesses affect consumers by making decisions about what products and services to offer and by providing jobs.
BLOG - Reflection:
Explain 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 businesses.
Everyone has wants and needs. Wants are things that you do not have to have to survive, but would like to have. Needs are things that you must have in order to survive. People use resources to make or obtain what they need or want. Resources limit the number of needs and wants people can satisfy. The decision-making process can help you make good choices and make the most of your resources by considering alternatives and their consequences. The longer a decision will affect your life, the more you need to consider all of the possible consequences.
Business Tasks
Businesses supply good and services with the motivation of making profits. Companies thrive on competition, the contest between businesses undertake these activities: identifying opportunities, evaluating demand, obtaining money, managing production, marketing to consumers and buinesses, and keeping records. Consumers affect businesses by deciding what kind of goods and services to buy. Businesses affect consumers by making decisions about what products and services to offer and by providing jobs.
BLOG - Reflection:
Explain 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 businesses.
Unit 1-3 Economic Activity in a Changing World
Economic Resources
Just as individuals have to deal wtih a lack of resources, so do socities. resources are necessary to make what people want and need. A shortage of resources is called scarcity. Nations do not have enough economic resourcs or factors of production to satisfy all of the wants and neds of their people. Factors of produciton that go into makign goods and sevices include natural, labor, capital, and entrepreneurial resourcs.
Econonmic Systems
Because all nations must deal with the scarcity of economic resouces, each must set up an economic system that determines what and how much will be produced, how items will be produced, and who will receive what is produced. There are two primary types of economic systems. jA market economy focues on indivduals answering the three economic quesions through the interaction of supply and demand. In a planned economy, the government makese those decisions. Each country has attributes of both.
BLOG-Reflection
Which economic system does the United States have? Describe that econmy.
Why does a country have to develop an economic system?
Explain how scarcity requires individuals and nations to make decisions about resources.
Just as individuals have to deal wtih a lack of resources, so do socities. resources are necessary to make what people want and need. A shortage of resources is called scarcity. Nations do not have enough economic resourcs or factors of production to satisfy all of the wants and neds of their people. Factors of produciton that go into makign goods and sevices include natural, labor, capital, and entrepreneurial resourcs.
Econonmic Systems
Because all nations must deal with the scarcity of economic resouces, each must set up an economic system that determines what and how much will be produced, how items will be produced, and who will receive what is produced. There are two primary types of economic systems. jA market economy focues on indivduals answering the three economic quesions through the interaction of supply and demand. In a planned economy, the government makese those decisions. Each country has attributes of both.
BLOG-Reflection
Which economic system does the United States have? Describe that econmy.
Why does a country have to develop an economic system?
Explain how scarcity requires individuals and nations to make decisions about resources.
Unit 3 Influence on Business
Explain why the world has become a global economy.
Explain why people and countries specialize in producing goods and services.
Describe free trade
Indicate who benefits and who does not benefit from free trade.
Vocabulary Review
global economy
international trade
multinational corporation
trade
imports
exports
exchange raet
tariff
embargo
free trade
Domestic trade is the production, purchase, and sale of goods and services within a country. Countries do not produce everything their citizens want or need and must trade with other counties. World trade is the exchange of goods and services across internation boundaries. Most nations produce items in which they specialize, thus gaining a comparative advantage. A comparative allows countries to trade their speciality with other countries for other things that they want or need. Items purchases across borders are boughh in the currency used by the country that produced them. Foreign exchange markets allow one country's currency to be converted into another country's currency.
Explain why people and countries specialize in producing goods and services.
Describe free trade
Indicate who benefits and who does not benefit from free trade.
Vocabulary Review
global economy
international trade
multinational corporation
trade
imports
exports
exchange raet
tariff
embargo
free trade
Domestic trade is the production, purchase, and sale of goods and services within a country. Countries do not produce everything their citizens want or need and must trade with other counties. World trade is the exchange of goods and services across internation boundaries. Most nations produce items in which they specialize, thus gaining a comparative advantage. A comparative allows countries to trade their speciality with other countries for other things that they want or need. Items purchases across borders are boughh in the currency used by the country that produced them. Foreign exchange markets allow one country's currency to be converted into another country's currency.
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