Business basics/Types of Resources

1
Business basics/Types of Resources

• Unit 2
• Mr. Eleuteri
• Introduction to Business

2
Standards

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

3
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 and supply curves and
  market price.

4
Needs

• Home
• Transportation
• MedicineFood
• Education
• Other necessities

5
Wants

• Desires
• Luxury Goods
• Priced higher than needs

6
Services

• Plumber
• Electrician
• Landscaper
• Construction
• Other

7
Goods

• Tangible item
• Microwave oven
• Television
• Stereo
• Other

8
Scarcity

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

9
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.

10
Human Resource

• Also known as labor
• People are human resources

11
Natural Resource

• Any resource from nature such as coal or
  minerals, fish, air or water
• A countrys wealth is determined by its vast
  resources and ability to utilize them.

12
Capital

• Capital Money

13
Capital Resources

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