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Do Now

Do Now. Please answer the following question: What is a want? Provide an example What is a need? Provide an example What is opportunity cost? What is an opportunity cost of going away to college?. Basic Economic Questions. What every economy, business and consumer must answer!.

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Do Now

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  1. Do Now • Please answer the following question: • What is a want? Provide an example • What is a need? Provide an example • What is opportunity cost? • What is an opportunity cost of going away to college?

  2. Basic Economic Questions What every economy, business and consumer must answer!

  3. How do businesses make money? • Businesses make money by selling goods and services • What are goods and services?

  4. Goods • Goods are physical objects such as: -Computers -Sneakers -Cars

  5. Services • Services are actions that a person performs for another person. -Teaching -Cleaning -Fixing my car

  6. Economic Questions • All economies, businesses and people must answer the following questions: 1)What goods and services will be produced? 2) How will the goods and services be produced? 3) Who are the goods and services for? 4) How much will be produced now and how much later?

  7. What are resources? • Resources are the materials from which goods and services are made. • There are 3 types of resources.

  8. 1. Human Resources • A person’s knowledge, skills, attitudes and abilities determine that individual’s value as a human resource. The more rare the skill, knowledge, etc. the more valuable and higher the pay. • Ex: Unskilled workers- low pay • Teachers-higher level of education, higher pay • Doctors- a lot of education and rare skills, well paid • NFL quarterbacks- rare physical abilities, very well paid

  9. 2. Natural Resources • Raw materials from which goods and services are made. • Land • Timber • Oil

  10. 3. Capital Resources • Money and property used to produce goods and services • Tools • Buildings • Machines

  11. My Pizzeria • Imagine we start a pizza business. What are the - Human Resources • Natural Resources • Capital Resources

  12. Human Resources • A Manager • Pizza Maker (cook) • Cashier • Dishwasher • Delivery Person • Who will get paid the most? Why?

  13. Natural Resources Paper Plates Paper Napkins - Note: these items are used once, then disposed of. • Flour • Cheese • Vegetables • Meat and other toppings • Tomato Sauce • Gas for pizza oven • Water • Electricity

  14. Capital Resources • Building/Storefront for the restaurant • Pizza Oven • Cash Register • Counter • Refrigerator/Freezer • Re-usable plates • Re-usable napkins (cloth) • Car for deliveries

  15. Create a Business • What goods or services will you provide? • What is the name of your business? • Where will you locate your business? • Why did you choose this location? • List the human, natural and capital resources you’ll need. • Draw a picture of your business • Due Thursday

  16. Response Question • Please answer the following question: • Are casinos good for a local economy? • The response must be at least two pages double spaced. You also must use at least TWO sources to back up your claim • The assignment is due by Friday 9/20 at 11:59pm to Turnitin.com

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