Title: Describe the nature of economics, economic activities, and economic resources.
Course: Marketing (12164) > Section: Understanding Economics in Organizations

Description should include

- explaining the concept that economics involves decisions made by individuals, businesses, and societies regarding the use of resources
- researching economic activities such as production, consumption, distribution, and exchange and how they relate to marketing
- researching economic resources (i.e., natural, human, and capital) used to produce goods and services
- explaining the concept of scarcity as related to limited resources and unlimited wants.

Process/Skill Questions:

- What are the basic economic questions that each society should answer? What are some different ways that societies answer these questions in today’s global economy?
- What production, consumption, distribution, and exchange activities relate to marketing?
- What are some examples from the current U.S. economy of human resource scarcity? Capital scarcity? Natural resource scarcity?
- Why is entrepreneurship considered an economic resource?
- How can a nation use its resources to produce and distribute goods and services?
- How do businesses and societies deal with scarcity?