The Business Environment
What is economics?
- EC:002 Distinguish between economic goods and services (CS) LAP-EC-010 (pp. 4-12—4-14)
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Objectives (Nothing needed to turn in for these objectives. You will be completing notes further down in the lesson.)
1. Define the following terms: want, economic want, noneconomic want, goods, services, consumer goods, and industrial goods. 2. Distinguish between economic and noneconomic wants. 3. Identify the characteristics of goods. 4. Identify the characteristics of services. 5. Distinguish between consumer and industrial goods and services. 6. Classify consumer goods. 7. Classify industrial goods. 8. Explain why consumers cannot have everything that they want. 9. Explain how consumers affect the decision of what goods and services will be produced. |
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Reading
Go to Google Classroom and click on the material in Week 5 titled "Get the Goods on Goods and Services".
Go to Google Classroom and click on the material in Week 5 titled "Get the Goods on Goods and Services".
Presentation & Discussion
You will give a presentation that is uploaded to Google Classroom. Each person will be presenting ONE slide. The presentation is in Google Classroom. You will be given some notes, but you will need to research the topic. Your presentation will last for one minute.
You will give a presentation that is uploaded to Google Classroom. Each person will be presenting ONE slide. The presentation is in Google Classroom. You will be given some notes, but you will need to research the topic. Your presentation will last for one minute.
Can You Tell the Difference?
Go to Google Classroom and complete the assignment in the Google Form.
Go to Google Classroom and complete the assignment in the Google Form.
What Are Your Wants?
Visit the websites of five different large companies (some suggestions: Target, CVS, Old Navy, Toys R Us, Staples). Based on what you read on the websites, answer the questions in a Google Doc in Google Classroom. After you’ve finished answering all of the questions about every store, determine which store’s products most fulfill your economic wants.
Visit the websites of five different large companies (some suggestions: Target, CVS, Old Navy, Toys R Us, Staples). Based on what you read on the websites, answer the questions in a Google Doc in Google Classroom. After you’ve finished answering all of the questions about every store, determine which store’s products most fulfill your economic wants.
Our Wants Are Unlimited
Go to Google Classroom and complete the Google Document. We will discuss as a class.
Go to Google Classroom and complete the Google Document. We will discuss as a class.
Thinking About Goods/Services
To complete Thinking About Goods/Services, identify one possible consumer use and one possible industrial use for each of the items listed on the Google Sheet in Google Classroom. When everyone is finished, we will compare responses.
To complete Thinking About Goods/Services, identify one possible consumer use and one possible industrial use for each of the items listed on the Google Sheet in Google Classroom. When everyone is finished, we will compare responses.
- Definitions of consumer and industrial goods and services
- Characteristics of consumer and industrial goods and services
- Goods and services are purchased to satisfy our wants.
- A product could be either a consumer or an industrial good/service depending on who purchases it and for what purpose.
What We Want
Working with your business partner, identify five consumer products that your group wants and five industrial products that you would purchase for a hypothetical business. Once the products are identified, the group should determine how to classify them. For example, with consumer products, the group should determine if an item is a convenience, shopping, specialty, or unsought product. Responses should be recorded on the Google Sheet in Google Classroom.
When all groups have finished, we will discuss and compare responses.
Working with your business partner, identify five consumer products that your group wants and five industrial products that you would purchase for a hypothetical business. Once the products are identified, the group should determine how to classify them. For example, with consumer products, the group should determine if an item is a convenience, shopping, specialty, or unsought product. Responses should be recorded on the Google Sheet in Google Classroom.
When all groups have finished, we will discuss and compare responses.
- How did your group decide what products it wanted?
- What factors did you consider in selecting the products?
- Did the group encounter any difficulties in selecting the products? Explain.
- Did all members of the group want the same products? What are the implications of this for marketing?
- Why are wants often considered unlimited? What difficulties did you encounter in trying to classify the products? Does this have any implications for marketing?
Activity
Create a Google Slides for the following activity. You may work individually or with ONE partner. When finished, each person should upload their own document to our Google Classroom.
Create a Google Slides for the following activity. You may work individually or with ONE partner. When finished, each person should upload their own document to our Google Classroom.
- Select four products from local businesses.
- Classify each product on the basis of its type of consumer or industrial good.
- Create a Google Slide presentation. Your presentation will last 2 minutes. 1 minute for each person in your group.
- Upload to Google Classroom.
- Intro Slide with local business name and their contact information
- Product Slide. Picture and classification of either consumer or industrial good.
- Product Slide. Picture and classification of either consumer or industrial good.
- Product Slide. Picture and classification of either consumer or industrial good.
- Product Slide. Picture and classification of either consumer or industrial good.
- Closing/Question Slide.
Notes - Learning Guide
Open up the Google Document in Classroom. Complete the document and you will be able to use it on the test.
OBJECTIVE A
1. What are wants?
2. Explain the difference between economic wants and noneconomic wants.
3. Describe the four characteristics of an economic good.
4. Describe the four characteristics of an economic service.
5. Describe the relationship of consumers and producers to the economy.
OBJECTIVE B
6. What are consumer products?
7. What are industrial products?
8. Why do marketers classify products as either consumer or industrial?
9. Describe convenience products.
10. Describe shopping products.
11. Describe specialty products.
12. Describe unsought products.
13. Describe materials.
14. Describe parts.
15. Describe installations.
16. Describe equipment.
17. Describe supplies.
Open up the Google Document in Classroom. Complete the document and you will be able to use it on the test.
OBJECTIVE A
1. What are wants?
2. Explain the difference between economic wants and noneconomic wants.
3. Describe the four characteristics of an economic good.
4. Describe the four characteristics of an economic service.
5. Describe the relationship of consumers and producers to the economy.
OBJECTIVE B
6. What are consumer products?
7. What are industrial products?
8. Why do marketers classify products as either consumer or industrial?
9. Describe convenience products.
10. Describe shopping products.
11. Describe specialty products.
12. Describe unsought products.
13. Describe materials.
14. Describe parts.
15. Describe installations.
16. Describe equipment.
17. Describe supplies.
Test
Check Google Classroom for your assessment.
Check Google Classroom for your assessment.
Reference Articles
Amosweb - Service
Difference Between Goods and Services
What are Goods and Services?
What are Consumer Goods?
Amosweb - Economic Goods
Services Marketing
Amosweb - Good
What are Industrial Goods?
What is the CPG Industry?
Amosweb - Service
Difference Between Goods and Services
What are Goods and Services?
What are Consumer Goods?
Amosweb - Economic Goods
Services Marketing
Amosweb - Good
What are Industrial Goods?
What is the CPG Industry?
Business and Marketing Essentials Course Guide (Standard) © 2017, MBA Research and Curriculum Center®