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DECA

Distinguish between goods and services
Goods-material item
Services- Job
Explain the concept of economic resources
the goods and services available to individuals and businesses used to produce valuable consumer products. Land, Labor, Capital, Entrepreneurship(Investment)
Describe the concepts of economics and economic activities
Actions that induce the production, distribution, and consumption of goods and services at all levels of society
GDP- determines how much eco activity
Scarcity
Supply and demand
Economics- study of how we make choices
Determine economic utilities created by business activities
The ability of a good or service to satisfy a customer’s needs or wants (Time, place, info, possession
Explain the principles of supply and demand
Describe the functions of prices in markets
Explain the role of business in society
Supplying goods and services that consumers cannot get themselves
Creating jobs
Developing goods and services
Higher standards
Spreads good practice (workplace safety)
Contribute back to community
Describe types of business activities
Explain the organizational design of businesses
Discuss the global environment in which businesses operate
Demographics
Politics(gov)
Economics (attractiveness to business)
Culture (language/religion)
Technological (adapt to foreign tech easily)
Geographical (natural disaster/resources)
Describe the factors that affect the business environment
Explain the nature of business ethics
Explain how organizations adapt to today’s markets
Explain the types of economic systems
Explain the concept of private enterprise
Identify factors affecting a business’s profit
Determine factors affecting business risk
Human(employees)
Natural
Economic
Rate and State of growth
Sensitivity to economy
Intensity of competitors
Service vs necessary product
Market growth
Explain the concept of competition
Describe the relationship between government and business
Describe the nature of taxes
Explain the concept of productivity
Analyze impact of specialization/division of labor on productivity
Explain the concept of organized labor and business
Explain the impact of the law of diminishing returns
Discuss the measure of consumer spending as an economic indicator
Explain the concept of Gross Domestic Product (GDP)
Discuss the impact of a nation’s unemployment rate
describe the economics impact of inflation on business
Explain the economic impact o interest rate fluctuations
Determine the impact of business cycles on business activities
Explain the nature of global trade
Describe the determinants of exchange rates and their effects on the domestic economy
Discuss the impact of cultural and social environments on global trade

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