Economic Systems and DecisionsChapter 1

Krishna PolasaniPrinciples of Business

Needs• NeedsHouseFood Job

Wants

• Iphone• Lexus • Want to own McDonalds'

Goods

• Goods are the things that you can see and touch.

• Services are activates that are consumed at the same time they are produced.

Natural Resources

RocksWaterOil Refinery

Human Resources

• Truck Drivers• Entrepreneur• Farmer

Capital Resources

• Buildings• Manufacturing Goods• Payroll