chapter 1 new
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Chapter 1Wants and Needs
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SWBAT(Students will be able to)State difference between wants
and needsIdentify the difference between
goods and servicesDescribe how limited resources
relate to wantsExplain how business will be part
of their life
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What are these?Million dollarsNew carChocolate cake
iStockphoto.com
iStockphoto.com
Presentationpro.com
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WantsThings you wish you could have
Two types◦Public – provided by governmentCan be local, state, or federal
◦Private – provided by yourself
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PublicExamples
◦Safe highways in good working conditions
◦Safe streets to walk on◦Safe drinking water◦Good education
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What is this?
http://www.whale.to/a/american_food_pyramid.html
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NeedsSomething you have to have to
surviveNO your cellphone doesn’t countExamples:
◦Food◦Shelter◦Clothing
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How do we satisfy wants and needs?GoodsServices
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GoodsSomething that you can see or
touch
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ServiceTask that people or machines
perform
haircut
lawyer
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How do we get goods and services?Resources
◦Anything you can use to get goods and services.
◦Examples: Labor Money, money, money
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Any of you face this?Unlimited wants, limited
resources◦I want, I want, but I don’t have any
money to buyMany people face this dilemma in
different situations◦Individuals◦Companies◦Nations
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In our headDecision-making process
◦Identify the problem◦List the alternatives◦Determine the pros and cons◦Make the best decision◦Evaluate your decision
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How do we get most goods and services?Business – activity that seeks
profit by providing goods or services to others
What is profit?◦Money left over after all expenses
are paid for. Examples?
Some business owners become wealthy
Can you name a business owner and their business?
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Business ActivityOrganize the people and
equipment Manage the resourcesProduce a productMarket the product
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CompetitionContest between businesses to
win customersName business and their
competitors?
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How do you fit in business?ConsumerEmployeeOwner
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SummaryThe more you know about
business the better off you will be.
You will be involved in businesses everyday.