economic systems and decisions
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Economic Systems and DecisionsChapter 1
Krishna PolasaniPrinciples of Business
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Needs• NeedsHouseFood Job
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Wants
• Iphone• Lexus • Want to own McDonalds'
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Goods
• Goods are the things that you can see and touch.
• Services are activates that are consumed at the same time they are produced.
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Natural Resources
RocksWaterOil Refinery
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Human Resources
• Truck Drivers• Entrepreneur• Farmer
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Capital Resources
• Buildings• Manufacturing Goods• Payroll