BUSINESS BASICSTYPES OF RESOURCES Unit 2 Mr Eleuteri

BUSINESS BASICS/TYPES OF RESOURCES Unit 2 Mr. Eleuteri Introduction to Business

Standards Summarize three types of economic resources, Examine resources and economic decisions. Investigate the elements capitalism and the market economy.

Goals 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 supply curves and market price.

Needs Home Transportation Medicine. Food Education Other necessities

Wants Desires Luxury Goods Priced higher than needs

Services Plumber Electrician Landscaper Construction Other

Goods Tangible item Microwave oven Television Stereo Other

Scarcity It is the basic economic problem. All countries have this problem because of limited resources.

What is a Resource? 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.

Human Resource Also known as labor People are human resources

Natural Resource 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.

Capital= Money

Capital Resources These resources assist in the production of buildings or offices etc. Equipment, furniture, computers etc. are capital resources