# CTE Resource Center - Verso - Fashion Marketing Task 1411502074

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain economic goods and services.

Definition

Explanation should include the concept that economic goods (i.e., tangible items) satisfy material wants and needs and have monetary value. Services (i.e., intangibles) are tasks that people or machines perform to satisfy nonmaterial wants and needs and that have monetary value. Explanation should address the following similarities and differences between goods and services:

  • Similarities—Both satisfy wants and needs, both have an exchange rate, and both affect the gross domestic product (GDP).
  • Differences—Applications of marketing functions and method of consumption differ for each.

Process/Skill Questions

  • What are some fashion businesses that offer both goods and services?
  • How does the concept of economic goods and services apply to fashion marketing?
  • What are similarities and differences between the marketing of goods and the marketing of services in the fashion industry?
  • What fashion goods and services are available in the local community or closest shopping destination? Which of these businesses contributes most to the local economy? Why?
  • Can products that are bought be both tangible and intangible? Why, or why not?
  • What are some fashion goods and services targeted toward baby boomers? Generation X? Generation Y?
  • What are some current trends affecting consumer spending on goods and services?
  • How do fashion executives try to satisfy the wants and needs of particular consumer groups or market segments?

Related Standards of Learning

English

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

History and Social Science

GOVT.13

The student will apply social science skills to understand how world governments and economies compare and contrast with the government and the economy in the United States by

  1. describing the distribution of governmental power;
  2. explaining the relationship between the legislative and executive branches;
  3. comparing and contrasting the extent of participation in the political process; and
  4. comparing and contrasting economic systems.

GOVT.14

The student will apply social science skills to understand economic systems by

  1. identifying the basic economic questions encountered by all economic systems;
  2. comparing the characteristics of traditional, free market, command, and mixed economies, as described by Adam Smith and Karl Marx; and
  3. evaluating the impact of the government’s role in the economy on individual economic freedoms.

GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

  1. describing the provision of government goods and services that are not readily produced by the market;
  2. describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
  3. investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
  4. analyzing how Congress can use fiscal policy to stabilize the economy;
  5. describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
  6. evaluating the trade-offs in government decisions.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.1

The student will demonstrate knowledge of basic economic concepts and structures by
  1. describing how consumers, businesses, and government decision makers face scarcity of resources and must make trade-offs and incur opportunity costs;
  2. explaining that choices often have long-term unintended consequences;
  3. describing how effective decision making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits);
  4. identifying factors of production;
  5. comparing the characteristics of market, command, tradition, and mixed economies; and
  6. identifying Adam Smith and describing the characteristics of a market economy.

EPF.2

The student will demonstrate knowledge of the role of producers and consumers in a market economy by
  1. describing how consumers, producers, workers, savers, investors, and citizens respond to incentives;
  2. explaining how businesses respond to consumer sovereignty;
  3. identifying the role of entrepreneurs;
  4. comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative;
  5. describing how costs and revenues affect profit and supply;
  6. describing how increased productivity affects costs of production and standard of living;
  7. examining how investment in human capital, capital goods, and technology can improve productivity;
  8. describing the effects of competition on producers, sellers, and consumers;
  9. explaining why monopolies or collusion among sellers reduces competition and raises prices; and
  10. illustrating the circular flow of economic activity.

National MBAResearch Standards-Business Administration

Understand fundamental economic concepts to obtain a foundation for employment in business.