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Economic Resources
Marketing Dynamics – Unit 3 Lesson 1
Copyright © Texas Education Agency, 2014. All rights reserved
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Economic ResourcesO Goals
O Students will describe the concept of economic resources
O Students will identify economic needs and wants
O Students will explain the concept of utility and cite examples of types of utility.
O Students will describe the function of price in markets.
O Students clarify how the interaction of supply and demand affects price.
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Economic ResourcesO Terms to know
O ScarcityO EconomicsO SupplyO DemandO Market PriceO Factors of ProductionO Marketing UtilitiesO GoodsO Services
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Economic ResourcesO Goods – tangible products that you
can touch or hold in your hand. O Services – intangible products,
tasks performed for a customer.
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Economic ResourcesO Scarcity
O Limited resources available to satisfy unlimited needs and wants.
O EconomicsO Study of how people choose to use
the limited resources to satisfy the unlimited needs and wants.
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Economic ResourcesO Supply – the relationship between
the amount of a good or service that businesses are willing and able to make available and the price.
O Demand – the relationship between the amount of a good or service that consumers are willing and able to purchase at the price.
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Economic ResourcesO Market Price – the point at which
supply and demand cross.
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Economic ResourcesO Competition is the struggle
between companies for customers. O Some companies choose to compete
focusing on sale prices, this is called price competition.
O Non-price competition business focus on factors other than price to attract customers such as quality, services, location, financing or reputation. Copyright © Texas Education Agency, 2014. All rights
reserved
Economic ResourcesO Factors of Production
O Natural resources - landO Human resources - laborO Capital resources - money
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Marketing UtilitiesO Marketing adds value to products.
O Form utilityO Place utilityO Time utilityO Possession utilityO Information utility
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Marketing UtilitiesO Form Utility
O Involves changing raw materials or putting parts together to make them more useful.O Examples are
O trees made into lumber, then lumber turned into houses.
O Parts that are put together to make a smartphone.
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Marketing UtilitiesO Place Utility
O Involves having a product where customers can buy it.O Examples are chips and candy bars in a
vending machine, or sleeping bags in a sporting goods store.
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Marketing UtilitiesO Time Utility
O Have a product available at a certain of year or a convenient time of day.
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Marketing UtilitiesO Possession Utility
O The exchange of the product for some monetary value.O CashO Personal checksO Credit cardsO FinancingO layaway
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Marketing UtilitiesO Information Utility
O Involves communication with the consumer.O SalespeopleO Product labelingO AdvertisingO DisplaysO Product packaging
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Marketing UtilitiesO Marketing adds value to products
and increases demand.O Higher demand = increased
production.O Increased production = lower cost
per unit.O Lower cost per unit = lower prices
Copyright © Texas Education Agency, 2014. All rights reserved
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