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Introduction to Business
Chapter 3 Economic Roles
Essential Question: What is our role in the
economy?
Standards Addressed:
1.1 Business Communications (C): Students will understand
communications as applied to personal and professional
situations. They will demonstrate competency by selecting
and using appropriate forms of communications in a variety of
situations.
1.1.7 Systems–use systems thinking to discuss the impact of
cultural, organizational, technological and behavioral
characteristics on the selection of communication strategies
and methods.
1.4 Economics and Financial Concepts (C): Students will
understand the impact of global and domestic businesses,
financial concepts, and integrated business models. They will
demonstrate competency by using appropriate technology and
other resources to solve business problems.
1.4.3 Economic Culture–explain how culture affects economic
practice and business ethics
1.4.4 Economic Systems–describe a variety of economic systems
Chapter Objectives:




Identify three economic roles each
person performs.
Explain how consumers affect the
supply and demand for goods and
services.
Understand the impact of worker
productivity on our standard of living.
Recognize the role of citizens in our
economy.
Economic roles you perform
p. 31
 Everyone plays economic roles of:
 Consumer
 Worker
 Citizen
Your consumer role
p.31
 Consumers vote in favor of goods or services
provided by businesses; thus successful
businesses must be responsive to the needs
and wants of consumers.
 Consumer demand helps determine supply. Demand
is the quantity of a product or service that consumers
are willing and able to buy at a particular price.
 Supply and demand affect prices. Supply is the
quantity and/or quality of a product or service that
businesses are willing and able to provide at a
particular price.
 Competition keeps prices reasonable. Competition is
one of the main characteristics of the free enterprise
system.
Your worker role p. 33
 Competition and voluntary exchange cause suppliers of
goods and services to produce them efficiently.
 If not price, then service or quality to add value to
customer.
 Worker productivity is an important factor in advancing our
nation’s standard of living.
 Efficiency of the market is determined by consumer
purchases to maintain their standard of living. The standard
of living is a measure of how well a people in a country live
or the quality and quantity of wants and needs that are
satisfied.
 The more productive the workforce the more efficient
pricing, quality and service. Labor (or worker) productivity is
measured by the quantity of a good an average worker
produces in one hour.
Your citizen role
p.35
Citizens must make economic
decisions for the public good. As a
citizen, you join with other citizens
in making some economic
decisions for the common good.
Public goods are things that are
needed and provided by a
community and are equally
accessible to everyone.
Assignments
 Do Now



Thursday--Calculate
Business Data p. 37
#28
Friday--Calculate
Business Data p. 37
#29
Read example and
calculate answer in an
Excel spreadsheet,
show your work. Give a
short explanation as to
your answers.
 Workshop Discussion
Communicate
Business
Concepts
questions 13-19
p. 26.
 Discuss questions
with your group
and write a brief
answer to
questions

Homework
 Define Key Terms Develop your Business
Language p. 37.
 Answer Review your reading questions 1-12
p.36.
 The Resume Handbook for High School
Students.
 www.intro2business.swep.com