The Business Environment
What is economics?
- LAP-EC-006 Describe the concepts of economics and economic activities
7 Objectives (nothing done here)
a. Define the following terms: economics, scarcity, economizing, opportunity cost, trade-offs,
consumption, consumer, production, producer, exchange, and distribution.
b. Explain why wants are considered unlimited.
c. Discuss why scarcity exists.
d. Describe the three economic questions that all societies must answer.
e. Explain the importance of decision making in economics.
f. Describe four economic activities.
g. Discuss three factors that affect the value of money payments in a market economy.
a. Define the following terms: economics, scarcity, economizing, opportunity cost, trade-offs,
consumption, consumer, production, producer, exchange, and distribution.
b. Explain why wants are considered unlimited.
c. Discuss why scarcity exists.
d. Describe the three economic questions that all societies must answer.
e. Explain the importance of decision making in economics.
f. Describe four economic activities.
g. Discuss three factors that affect the value of money payments in a market economy.
Videos
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Basic economic principles 2: Calculating
opportunity cost. |
Economics made easy—Lesson 1: Scarcity
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Intro to economics: Crash course econ #1
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Scarcity and choice
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Business case for sustainability
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Trade-offs and opportunity cost
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Reading - 20 minutes
Read the section posted in Google Classroom.
Read the section posted in Google Classroom.
Presentation - 60 minutes
You will be assigned a slide for the presentation. Please conduct research and be ready to present. Slides are uploaded in Google Classroom.
You will be assigned a slide for the presentation. Please conduct research and be ready to present. Slides are uploaded in Google Classroom.
The Final Truth - 20 minutes
With your business partner: Go to Google Classroom and see the document. Read the statements. Some are correct and some are not. Identify the incorrect statements by crossing out the incorrect word or phrase and then writing the correct word or phrase. When you have finished, be prepared to share your answers with the class.
With your business partner: Go to Google Classroom and see the document. Read the statements. Some are correct and some are not. Identify the incorrect statements by crossing out the incorrect word or phrase and then writing the correct word or phrase. When you have finished, be prepared to share your answers with the class.
What Shall I Do? - 20 minutes
Working with your partner, read the case study in Google Classroom and answer the questions at the end. When you have finished, be prepared to share your responses with the class.
Working with your partner, read the case study in Google Classroom and answer the questions at the end. When you have finished, be prepared to share your responses with the class.
Bacchus: The Island With a Problem - 30 minutes
You will be divided into groups of 6 and assigned a role. Travel back in time about 200 years. You are a citizen of the island of Bacchus. Your island home, like any economy, is faced with many economic decisions. Each one of you will help make these economic decisions. Throughout the story, you will find questions that you will need to answer, with help from your group. Write your answers on the Google Doc. When you are finished, be prepared to discuss your answers with the class.
You will be divided into groups of 6 and assigned a role. Travel back in time about 200 years. You are a citizen of the island of Bacchus. Your island home, like any economy, is faced with many economic decisions. Each one of you will help make these economic decisions. Throughout the story, you will find questions that you will need to answer, with help from your group. Write your answers on the Google Doc. When you are finished, be prepared to discuss your answers with the class.
Decisions, Decisions, Decisions - 15 minutes
Two friends have earned $100 during the past week and are trying to decide how to spend the money. Some ideas for spending the money are listed in the Google Document. With your business partner, decide how to use the $100, and then answer the questions. When you are finished, be prepared to discuss your answers with the class.
Two friends have earned $100 during the past week and are trying to decide how to spend the money. Some ideas for spending the money are listed in the Google Document. With your business partner, decide how to use the $100, and then answer the questions. When you are finished, be prepared to discuss your answers with the class.
Activity
Create a presentation for the following activity. YOU CANNOT USE GOOGLE SLIDES. You may work individually or with ONE partner. Upload your presentation/link to our Google Classroom. FBLA dress code applies. You will present on Thursday.
Create a presentation for the following activity. YOU CANNOT USE GOOGLE SLIDES. You may work individually or with ONE partner. Upload your presentation/link to our Google Classroom. FBLA dress code applies. You will present on Thursday.
- Explain what economics means to you. 25 points
- Explain the similarities and differences between economics and economic activities. 25 points
- Upload your document OR presentation to Google Classroom 25 points
- Each person in the group will talk for 1 minutes each. 25 points
Test
Go to Google Classroom and take your test. You may use notes or the internet. Don't use your neighbor.
Go to Google Classroom and take your test. You may use notes or the internet. Don't use your neighbor.
7 Reference Articles
Business and Marketing Essentials Course Guide (Standard) © 2017, MBA Research and Curriculum Center®