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G R A N I T E F A L L S H I G H S C H O O L

Intro to Business: Welcome!. G R A N I T E F A L L S H I G H S C H O O L. First rule of economics . . . understanding NEEDS AND WANTS. Needs are essential Wants add to the quality of life Needs and wants are unlimited!!. NEEDS AND WANTS. How do people satisfy their wants and needs?

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G R A N I T E F A L L S H I G H S C H O O L

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  1. Intro to Business:Welcome! G R A N I T E F A L L S H I G H S C H O O L

  2. First rule of economics . . . understanding NEEDS AND WANTS • Needs are essential • Wants add to the quality of life • Needs and wants are unlimited!!

  3. NEEDS AND WANTS How do people satisfy their wants and needs? • By purchasing and consuming goods and services.

  4. GOODS AND SERVICES • Goods and services are for BOTH businesses and consumers! • The U.S. economy is the largest producer of goods and services in the world.

  5. Economic Resources Economic resources are the means through which goods and services are produced. • Natural resources • Raw materials supplied by nature. • Human resources • People producing goods and services. • Capital resources • Products and money used in the production of goods and services. Remember: economic resources are limited!

  6. Economic Resources • Economic resources are also called “Factors of Production” • Economic resources are limited.

  7. Classroom Quiz • Name a limited “natural resource” that is currently impacting each of us economically.

  8. Classroom Quiz • Identify a human resource that is currently in short supply?

  9. Classroom Quiz • How does increased cost of capital resources effect the products we buy?

  10. Today . . . • Books • Finish Assignment #1 – Vacation Planning. • Finish Week 1 – Blog Post • www.gfhs.edublogs.org • Password “tigerpride” • Type your comment in Word first, then cut and paste. Proof/spell check, etc. • IP address to track each comment. • Worth 10 points. Due Monday morning.

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