Supply and Demand
The goal of businesses is to find the
equilibrium price
People who make or provide goods and services are
producers
What is the most important economic resource?
human resources
How many chances do you get to make a First Impression
1
If you make a habit of unethical behavior, what will happen?
Your reputation may suffer
For demand to exist, consumers must have a
desire for a good or service
Businesses that buy and sell goods to others are
Trade industries
Economic resources are items that are used to
produce goods and services
Who judges your Personal appearance
Everyone you meet
What are Ethics
the basic principles that govern your behavior
When a buyer’s market exists, the price of a product is low because there is a
large supply and a small demand.
When very few materials are actually used in their raw states, we rely on
Manufacturers
Producers are responsible for
choosing and using the best combination of resources
Even after you are hired, what is critical to your success?
Your apperance
What are you doing when you’re dealing with an ethical situation
you’re deciding whether something is right or wrong
How do businesses figure out to what extent the changes in price will affect sales?
elasticity
Three kinds of producers are
raw-goods producers, manufacturers, and builders
Without Economic Resources, there would be no more of
production
When looking at people, you can tell at some degree
how you see yourself and how you feel about what you see
Following ethical principles means
your ethical beliefs don’t change when you’re in a new situation
The economic principle of supply and demand determines
what goods and services will be available and how much they will cost
Traditionally WHO sells to ultimate consumers
retailers
Any resource that is found in nature and used to produce goods and services is considered a
natural resource
self-confidence, self-concept, and self-esteem
Being unethical can lead to
consequences such as lost trust, legal problems, a poor reputation, and setting a bad example.