Economic Performance Indicators (DECA)

Distinguish between economic services and goods (CS)

Products and services are how good business get money. Products are tangible items like food, clothing, machines, etc. Services are intangible things like tutoring, baby-sitting, etc.

Explain the concept of economic resources (CS)

Resources are finite things that companies need to run their business. They include natural resources (land, water, oil, etc.), human resources (workers), adn capital (money, machines, goods).

Describe the concepts of economic and economic activities (CS)

Utility- the attributes of a product or service that make it capable of satisfying consumers’ wants and needs.
Form Utiltiy- changing raw materials or putting parts together to make them more useful; dealing with creating, or producing, things
Place Utility - having a product in a place where customers buy it.
Time Utility - having a product available at certain times of the year or a convenient time of the day.

Possession Utility - the exchange of a product for some monetary value.

Explain the principles of supply and demand (CS)

If there is a large quantity of an item and low demand for the item, prices will be lower. (ex. pencils)

If there is a small quantity of an item and high demand for the item, prices will be higher. (ex. diamonds)

Describe the functions of prices in the market (CS)

It all depends on supply and demand and the item you are putting the price on.

Explain the role of business in society (CS)

Society needs businesses to work, even if they are just bartering and trading. Business shapes society, the state of the economy influences how people live. Business brings changes and innovations to society. Society also changes business by giving rules that they have to abide by (societal norms).

Describe the types of business activities (CS)

Operations improve quality and efficiency. Marketing improves product appeal to consumers.