Basic Economic Questions What every economy, business and consumer must answer! How do businesses make money?



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tarix23.09.2023
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Basic Economic Questions

Basic Economic Questions

  • What every economy, business and consumer must answer!

How do businesses make money?

  • Businesses make money by selling goods and services
  • What are Goods and Services?

Goods

  • Goods are physical objects such as:
    • Computers
    • Sneakers
    • Cars

Services

  • Services are actions that a person performs for another person.
    • Teaching
    • Cleaning
    • Fixing my car

Economic Questions

  • All economies, businesses and people must answer the following questions:
    • What goods and services will be produced?
    • How will the goods and services be produced?
    • Who are the goods and services for?
    • How much will be produced now and how much later?

What are resources?

  • Resources are the materials from which goods and services are made.
  • There are 3 types of resources.

1. Human Resources

  • A person’s knowledge, skills, attitudes and abilities determine that individual’s value as a human resource. The more rare the skill, knowledge etc. the more valuable and higher pay.
  • Ex. Unskilled workers- low pay
      • Teachers- high level of education, higher pay
      • Doctors- a lot of education and rare skills, well paid
      • NFL quarterbacks- rare physical abilities, very well paid

2. Natural Resources

  • Raw materials from which goods and services are made.
  • Land
  • Timber
  • Oil

3. Capital Resources

  • Money and property used to produce goods and services
  • Tools
  • Buildings
  • Machines

My Pizzeria

  • Imagine we start a pizza business. What are the
    • Human Resources
    • Natural Resources
    • Capital Resources

Human Resources

  • A Manager
  • Pizza maker (cook)
  • Cashier
  • Dishwasher
  • Delivery person
  • Who will get paid the most? Why?

Natural Resources

  • Flour
  • Cheese
  • Vegetables
  • Meat and other toppings
  • Tomato Sauce
  • Gas for pizza oven
  • Water
  • Electricity
  • Paper Plates
  • Paper Napkins
    • Note: these items are used once, then disposed of.

Capital Resources

  • Building/Storefront for the restaurant
  • Pizza Oven
  • Cash register
  • Counter
  • Refrigerator/Freezer
  • Re-usable plates
  • Re-usable napkins (cloth)
  • Car for deliveries

Create a Business

  • What goods or services will you provide?
  • What is the name of your business?
  • Where will you locate your business?
  • Why did you choose this location?
  • List the human, natural and capital resources you’ll need.

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