Download Economics

Marketing Co-Op
Economics
Economy:
______________________________________________________________________________
______________________________________________________________________________
Economics:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
Economic Activities
• _________________: Make It!
• _________________: Use It!
• _________________: Trade It!
• _________________: Give It Out!
Economic Resources:
__________________________
__________________________
__________________________
Human Resources
__________________
Only some of the world’s people are _____________ and _________ to work
There may be a _____________ of workers for a certain job or profession
– People lack _____________ or ____________ needed
– People are ____ ______________ in filling certain jobs
Natural Resources
__________________
Resources found in ____________ that can be used to ______________ goods or services
•
Examples:
– Wildlife, plant life, bodies of water, weather conditions, minerals, natural gas, etc.
Natural resources become _______________ _______________ when used in production of
goods and services
Capital Goods
Materials, such as ________________, used to produce a finished product
Reflects the state of technology that exists in society
•
Examples:
– Machinery, buildings, transportation, furniture, computer equipment, etc.
Human Resources Affect on Business
How do employers deal with a shortage of workers for a certain job or profession?
1. ________________________________________________________
2. ________________________________________________________
3. ________________________________________________________
4. ________________________________________________________
Natural Resources Affect on Business
All natural resources are ______________
Some of the earth’s resources are _____________ and ____________ to obtain
Not all countries have the ability to tap into all of their natural resources
When natural resources are ____________, prices go ______ on products that require these
resources
Capital Goods Affect on Business
Companies try to ___________ the capital goods they already have to _________________
Companies look for ____________ capital goods to increase ___________ and get an edge of
competitors
They modify current ________________ to become more efficient
Three Economic Questions
What countries ask themselves when considering economic decisions
•
•
•
__________ product or services to produce
__________ to produce those products and services
______ ________to produce the products and services
Economic Goods and Services
Economic Good: _______________________________
Economic Services: _____________________________
Needs vs. Wants
Economic Wants: _______________________________________________________________
Economic Needs: ________________________________________________________
Scarcity
The difference between what consumers want and need and what the available resources are
____________________ - _____________________ = _____SCARCITY_______
Economic Choices
Trade Off:
______________________________________________________________________________
______________________________________________________________________________
Opportunity Cost:
______________________________________________________________________________
______________________________________________________________________________