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Analyze Career Opportunities in Corporate Economics

Use Internet resources to learn more about careers in corporate economics. Choose one of the job titles listed in the box on page 5 and answer the following questions.

1. Identify the minimum educational requirements for the job. Explain other training or education that might be needed for advancement. (3 pts.) 2. Is this a career that interests you? Describe how you might use your talents, abilities, and skills in this career. (3 pts.) Whats it like to work as a Corporate Economist? 3. What about you? What do you like and dislike about Pierre Latrobes schedule and activities? What do you think happens in the team meetings as Pierre and his colleagues prepare the morning briefing? (3 pts.) Section 1-1 Satisfying Needs and Wants 4. Goal 1 - Explain the difference between needs and wants. (2 pts.) 5. Goal 2 Distinguish between goods and services. (2 pts.) 6. Goal 3 Describe the types of economic resources. (2 pts.) 7. What goods and services are represented in this photo? (pic on pg. 8) (2 pts.) 8. In what ways does water contribute to the U.S. economy? (pic on pg. 9) (2 pts.) 9. What economic resources are needed for the construction of a house (pic on pg. 10)? (2 pts.) 10. How can a country plan for future limits on its natural resources? (pic on pg. 11) (2 pts.) Business Insight for the 21st Century Online Micropayments (Think Critically) 1. Why have many consumer changed their views about the value of online content so they are now willing to pay small fees? (2 pts.) 2. Research micropayments and identify unique methods being used by companies to accept and process these small payments. (5 pts.) Section 1-1 Assessment -- Determine the best answer 1. True or False. It is not always easy to determine the products and services that satisfy needs and those that satisfy wants. (1 pts.) (pgs. 6 11)

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2. Which of the following would an economist most likely classify as a need? (1 pts.) a) Gasoline for a florists delivery truck b) A college degree c) A flat-screen television d) A part-time job to earn extra money 3. An example of a natural resource is (1 pts.) a) Sunlight b) A computer programmer c) Money 4. List the three types of economic resources. Choose a product and describe how each type of economic resource is needed and used in its production. (Hint: refer to the vegetable soup example in the lesson.) (6 pts.)

Section 1-2 Economic Choices 1. Goal 1 Describe the basic economic problem. (2 pts.) 2. Goal 2 Explain the steps in the decision-making process. (2 pts.)

(pgs. 12 16)

3. How does the decision-making process lead to better choices? (Figure 1-1 pg. 14) (2 pts.) 4. Even with Internet access, why is it often necessary to use library resources to gather and review information related to your research question? (pic on pg. 16) (2 pts.) Section 1-2 Assessment -- Determine the best answer 1. True or False. The basic economic problem is that consumers have too many products and services to choose from. (1 pt.) 2. The decision-making process is best to use when (1 pt.) a) You already know the choice you will make b) You are facing a decision with several good alternatives c) Groups rather than individuals are making a choice d) You dont have enough money to pay for any of the choices 3. John has two hours before having to go to his part-time job. He is deciding between studying for a math exam and taking a nap. If John chooses to take a nap, the opportunity cost of his decision is (1 pt.) a) The rest he is getting b) The score he will earn on the math exam c) The wages from his part-time job d) All of the above 4. The first step in the decision making process involves (1 pt.)

Student Name Chapter 1 a) b) c) d)

Principles of Business Economic Decisions and Systems Defining the problem Setting a goal Indentifying the choices Evaluating alternatives

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5. Writing. Write a memorandum to Ms. Gauthier explaining how you could have used the decision making process to determine whether or not to attend the CTC for a second year. (15 pts.) 21st Century Skills Information Literacy (Think Critically) 1. Why should you try to avoid basing your actions on opinions rather than facts? (2 pts.) 2. Do you believe some questions can be answered by just gathering and reviewing existing information rather than collecting new data? Why or why not? (2 pts.)

Section 1-3 Economic Systems 1. Goal 1- Identify the three economic questions. (2 pts.) 2. Goal 2 Differentiate among the main types of economic systems. (2 pts.)

(pgs. 17 21)

3. What are some problems that might result from decisions made in a market economy? (pic on pg. 19) (2 pts.) 4. How is business ownership affected by different types of economic conditions? (pic on pg. 20) (2 pts.) 5. Goal 3- Describe the economic system of the United States. (4 pts.) Section 1-3 Assessment -- Determine the best answer 1. Which of the following addresses the economic question of how to produce? (1 pt.) a) Growing corn instead of potatoes b) Requiring individuals to complete specific types of work c) Producing more capital goods and fewer consumer products d) Selling natural resources to other countries 2. In which of the following economic systems is the governments role greatest? (1 pt.) a) Mixed b) Traditional c) Market d) Command 3. The primary reason business owners make investments and take risks in a private enterprise economy is to (1 pt.) a) Make a profit b) Satisfy customer needs c) Develop new products

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d) Meet government requirements 4. SKIP 5. SKIP

Section 1-4 Supply and Demand

(pgs. 23 26)

1. Using the Demand for Designer Jeans graph on pg. 24, when the demand is 125,000 pairs of jeans, what is the price? (1 pt.) 2. Using the Supply for Designer Jeans graph, also on pg. 24, when the price is $150, what is the quantity producers are willing to supply? (1 pt.) 3. Checkpoint How does the price of a product affect demand and supply? (2 pts.) 4. Checkpoint How is the market price for a product determined? (2 pts.)

Section 1-4 Assessment -- Determine the best answer 1. True or False. Both individuals and organizations can be producers. (1 pt.) 2. True or False. Supply is the quantity of a good or service that a consumer is willing and able to buy at a particular price. (1 pt.) 3. As competition increases, prices (1 pt.) a. Usually increase as well b. Are not affected so will usually not change c. Usually will decrease d. There is no way to predict what will happen to prices due to competition 4. Calculate the total value of sales at each possible price for a product with consumer demand shown in the table. (5 pts.) Price $20.00 $22.50 $25.00 $27.50 $30.00 Quantity Demanded 8,500 7,800 6,200 5,900 4,300 Total Value of Sales

Business Improving Society Heifer International (Think Critically) 1. How does this approach to solving world hunger differ from other relief efforts that distribute food, milk, clothing, and health supplies? (2 pts.)

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2. Use the Internet to locate examples of other organizations that are working to reduce hunger around the world. How are they similar to or different from Heifer International? (3 pts.)

Chapter 1 Assessment Communicate Business Concepts

(pgs. 28 31)

1. Identify five products or service that could be either a need or a want. Provide an example for each that illustrates when it would be considered a need and when it would be considered a want. (3 pts.) 2. Select a business with which you are familiar. Describe factors of production used by the business that fit within each of the three kinds of economic resources. (5 pts.)

3. Find a newspaper or magazine article that deals with scarcity of a product, service, or natural resource. Write a summary of the article in which you identify who is affected by the scarcity and the effect it is having on businesses and consumers. (15 pts.) 4. Identify an important decision you will need to make in the near future, such as selecting a college or career or making a major purchase. Prepare a visual to illustrate how you would complete each step in the decision-making process for the problem. (5 pts.) 5. Identify a possibly opportunity cost for each of the following: (3 pts.) a) Trying out for an athletic team b) Accepting a part-time job c) Studying for an important job d) Saving money to buy a used car 6. Develop a table that compares the answers to the three economic questions for a command economy, a market economy, and a traditional economy. (9 pts.) 7. Explain how freedom of choice can affect the availability of products and services for consumers. Now explain how it can also affect the profit a business might make on the products and services it sells. (5 pts.) 8. Do you agree that the term private enterprise is a good description of the U.S. Economy? Why or why not? (3 pts.)

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Develop Your Business Language -- Match the terms listed with the definition KEY TERMS (20 pts.) a. b. c. d. e. f. Capitalism Command economy Consumer Demand Economic decision making Economic resources g. h. i. j. k. l. m. Economic system Goods Market economy Market price Mixed economy Needs Opportunity cost n. o. p. q. r. s. t. Producers Scarcity Services Supply Trade-off Traditional economy Wants

11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.

Process of choosing which needs and wants will be satisfied. Individuals and organizations that determine what products and services will be available for sale. The method a country used to answer the three economic questions. Things available to be used to produce goods and services. Things that are required in order to live. Not having enough resources to satisfy every need Quantity of a good or service that businesses are willing and able to provide. Person who buys and uses goods and services. Economy in which resources are owned and controlled by the government. Things that you can see or touch. Private ownership of resources by individuals rather than by the government. Economy in which goods and services are produced the way it has always been done. Economy that combines elements of the command and market economies. Quantity of a good or service that consumers are willing and able to buy. Point where the supply and demand are equal. Things that add comfort and pleasure to your life. Activities provided for the satisfaction of others that are consumed at the same time they are produced. Giving up on something to have something else. Value of the next-best alternative that you were not available to choose. Economy in which the resources are owned and controlled by the people of the country.

Making Academic Connections

31. MATH. The table below shows the average number of working hours it takes a worker in three cities in different countries to earn enough money to purchase several products and services. Use the information to answer the following questions:

a. How much longer than the worker in Country 1 must a worker in Country 3 work to earn enough to buy food for a family of four for a total of four weeks? Than a worker in Country 2? (1 pt.)

Student Name Chapter 1

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b. How many eight-hour days would a worker in each country have to work to buy a largescreen TV? (1 pt.) c. What is the total amount of time a worker in each country would have to work to purchase each of the products and services listed? (6 pts.)

1 lb. of ground beef Large-screen TV 1 tube of toothpaste City bus fare 1 pair of mens shoes 1 week of food for a family of 4

COUNTRY 1 17.0 min. 65.0 hr. 16.0 min. 7.0 min. 8.0 hr. 18.6 hr.

COUNTRY 2 29.0 min. 132.0 hr. 13.0 min. 11.0 min. 7.0 hr. 24.7 hr.

COUNTRY 3 56.0 min. 701.0 hr. 27.0 min. 3.0 min. 25.0 hr. 53.5 hr.

Decision-Making Strategies 32. Countries that use modern technology and equipment can produce more with fewer people in a shorter time than countries in which many workers perform the work by manual labor. Study the figures below for farm workers and their yearly output in two different kinds of economic systems, and then answer the questions that follow. a. How many people were working in agri-cultural job in the traditional economy than in the market economy? (1 pt.) b. In which system was each farm worker more productive? (1 pt.) c. In terms of people supplied from the output of each farm worker, how much more productive was the worker in (b)? (1 pt.)

Size of the agriculture labor force Number of people supplied with food from the labor of each agriculture worker

TRADITIONAL ECONOMY 34,350,000 7

MARKET ECONOMY 4,380,000 49

American Enterprise Project.think critically 1. Why is it important for young Americans to understand the American enterprise system? (3 pts.) 2. List two strategies to use during the presentation that will hold the attention of middle school students? (2 pts.) 3. List five major concepts that middle school students should understand about the American enterprise system. (3 pts.)

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4. Describe a joint project between FBLA members and middle school students that could be used to strengthen understanding about the American enterprise system. (3 pts.)