Global economy unit1 by anna hutchins https://padlet.com/abhutchins2/7yklckpis0tl en-us 2017-05-10 14:01:08 UTC 2024-08-16 21:36:55 UTC hello@padlet.com abhutchins2 https://padlet.com/abhutchins2/7yklckpis0tl/wish/171013485 -Understanding the role of business in global economy has much to do with people's wants and needs
needs- required in order to live
wants- things that add comfort and pleasure in your life

Other things like goods and services have to do with the economy:
Goods- things that you can see
Services- activities that are consumed at the same time they are produced
Economic resources- factors of production
Natural resources- raw materials produced by nature
Human resources- The people who contribute physical and mental energy
Capital resources- tools, equipment, and buildings

All these things contribute to the 6 steps of economic decision making...

1.Defining the problem
2.Identifying choices
3.Evaluating the advantages and disadvantages of each choice
4.Choosing one choice
5.Acting on the choice
6.Reviewing the decision



]]> 2017-05-10 14:01:59 UTC https://padlet.com/abhutchins2/7yklckpis0tl/wish/171013485 abhutchins2 https://padlet.com/abhutchins2/7yklckpis0tl/wish/171013777 2017-05-10 14:03:06 UTC https://padlet.com/abhutchins2/7yklckpis0tl/wish/171013777