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Economics the foundation of business

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Economics the foundation of Business

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Economics the foundation of business

  1. 1. Topic of the Presentation is …
  2. 2. What is Economics ? The study of how a society chooses to use scarce resources to produce goods and services and to distribute them for consumption
  3. 3. Resources Natural Resources Capital Resources Labor Resources
  4. 4. A nation’s resources consist of three broad areas: Natural, Capital and Labor. Natural Resources - Resources provided in limited amount by nature, such as oil, coil, water and timber.
  5. 5. Capital Resources - Goods produced for the purpose of making other types of goods and services. Labor Resources – The human talent, skills and competence, available in a nation.
  6. 6. A nation’s resources are used to produce goods and services that will meet people’s needs and wants. Needs are goods and services people must have simply to exist. Wants, on the other hand, are things they would like to have but do not absolutely need for survival.
  7. 7. Con… Such items are _ Food, clothing, shelter and medical care are needs. Video recorders, fashionable clothes, sound systems etc are wants.
  8. 8. ALLOCATION The process of choosing how resources will be used to meet a society’s needs and wants; includes the distribution of products to consumers. We have a basis for choosing how our resources will be used, how they will be allocated to the best satisfy consumers wants and needs.
  9. 9. Product Distribution In this context, allocation involves an exchange ( e.g., money, goods, time, service) between a business and a consumer ( e.g., client, customer, patron) The exchange provides mutual benefit. This is important for free economy.
  10. 10. ECONOMIC SYSTEM The accepted process by which labor, capital and natural resources are organized to produce and distribute distribute goods and services in a society.
  11. 11. PLANNED ECONOMY An economy in which the government owns the productive resources, financial enterprise, retail stores and banks.
  12. 12. Understanding economics is essential to Understanding business. No single definition of economics satisfies everyone. Here resources, goods and services, allocation, economic system and others all the combination make Foundation of Business in Economics.