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Introduction to Economics

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Introduction to Economics Factors of Production Warm Up- Survey of Products Want Ad Warm Up- Survey of Products Want Ad Web Lecture 7.1 Review What is the study of ... – PowerPoint PPT presentation

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Title: Introduction to Economics


1
Introduction to Economics
  • Factors of Production

2
Web Lecture 7.1 Review
  1. What is the study of how people make choices to
    satisfy their wants?
  2. __________ are an hourly pay based on skills,
    experience and education, whereas __________ is a
    set payment that does not change based on hours
    worked.
  3. What is one example of a want and one example of
    a need?
  4. What are the four factors of production?

3
Warm Up- Brand Loyalty
  • What is your favorite brand of apparel?
    (clothing, shoes, accessories, etc)
  • What is it about this brand that makes you want
    to buy it? (quality, price, style, popularity,
    advertising, etc..)

4
Activity-Design a Clothing Business
  • Over the course of this unit, you and a partner
    will be charged with the task of designing and
    maintaining a successful clothing business.
  • Today you will
  • choose your partner
  • be assigned a category (shirts, pants, shoes,
    accessories) of clothing your company will design
    and manufacture
  • choose a name
  • decide what specific kind of clothing (mens or
    womens)
  • create a bag, with your name and logo, that will
    hold all of the materials for your business.

5
What Is Economics?
  • Economics is the study of how people make choices
    to satisfy their wants
  • For example
  • You must choose how to spend your time
  • Businesses must choose how many people to hire

6
Wants and Needs
  • Needs
  • Something that is necessary for an individuals
    survival. E.g. air, food, shelter.
  • Wants
  • An item that we desire but is not essential to
    our survival.

7
The Factors of Production
  • Land All natural resources that are used to
    produce goods and services.
  • Renewable natural resources
  • Nonrenewable natural resources
  • Labor Any effort a person devotes to a task for
    which that person is paid.
  • Capital Any human-made resource that is used to
    create other goods and services.
  • Entrepreneurship the ability to pull together
    land, labor and capital to create and market new
    goods and services.

8
Wages and Salary
  • Wages are the amount paid to laborers based on
    their skill level and education, as well as their
    experience.
  • Jobs are often categorized into four skill
    levels
  • Unskilled labor
  • Semi-skilled labor hourly wage
  • Skilled labor
  • Professional labor Salaried workers

9
Warm Up- Survey of Products
Shirts Pants Shoes Accessories

10
Want Ad
11
Create an Entrepreneurial Plan
  • In this plan you will address
  • Land- what products and materials you will need
    and where you will produce/sell your goods.
  • Labor- create a want ad for a sales manager
    (salary) and a sales position (wage) within your
    company.
  • Entrepreneurship- what will you make and why?
  • Capital- write a letter to a bank requesting
    money for a small business loan 500 for your
    business and explain why your business is a good
    investment.
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