Chapter 1A Look at Wants and Needs

Learning Objectives:

1. State the differences between wants and needs.

2. Describe how limited resources relate to wants.

3. Identify business activities that are used for products and services.

4. List the two factors that motivate businesses.

Why Is This Important (Business)?

Economic Starting Points

Wants

Examples:

Needs-

Examples:

Wants

Private wants–

Examples:

Public wants

Example:

Goods & Services

Goods–

Example:

Services–

Example:

Unlimited Wants/Limited Resources

Most people have ______wants for goods and services.

Individuals, businesses, & nations must make the best use of ______.

The Decision Making Process

People make the most of their resources by making the______.

The decision making process is______.

5 Steps In The Decision Making Process

1.

2.

3.

4.

5.

What Is Business?

Business is______

Wants & needs are satisfied by ______

Businesses provide necessities.

Businesses provide individuals with an______

What Business Does

  1. Business must ______the people and the equipment to provide the product.
  1. People within the organization ______to produce the product.
  1. The company then ______or service by deciding where to sell it and how to advertise it.

Businesses’ Motivation

Profit–______

Competition–______

Business & You

Businesses make decisions that impact you. Such as______

You make decisions that affect business. Such as, ______

Business & You are ______

You As A Consumer

Consumer______

Your changing needs cause businesses to produce ______, ______, or______a product or service.

Learning how to get the most from your spending is important.

The more ______you have the ______your income.

You As A Wage Earner

Businesses ______and provide you with a______.

Workers today have input into how business is run and how things are produced.

Your ______affects business.

Self-Discovery In Business

A broadcast journalist talks about the price of consumer goods.

Later, a reporter mentions that a major online company filed for bankruptcy.

The federal govt. announces a change in interest rates.

What difference does it make?

Will it influence your life? Your friends?

Your Family?

  • Do the actions of the government and businesses have any impact on you?
  • More than ever before, you need to understand the world you live and work in.
  • What happens in business and government will make a difference in your life.
  • Change______.
  • Companies come and go, and new types of companies continually appear.