Unit 1
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Unit 1. Chapter 1 Lesson 1. Needs VS. Wants. Needs would be defined as goods or services that are required in order to live . Ex. food, water, air, clothing, shelter, health care. Needs VS. Wants. Wants are goods or services that are not necessary but that we desire or wish for .

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Unit 1

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Unit 1

Unit 1

Chapter 1

Lesson 1


Needs vs wants

Needs VS. Wants

  • Needs would be defined as goods or services that are required in order to live.

  • Ex. food, water, air, clothing, shelter, health care.


Needs vs wants1

Needs VS. Wants

  • Wants are goods or services that are not necessary but that we desire or wish for.

  • For example, one needs clothes, but one may not need name brand clothes.

  • One does not need toys, entertainment, gems, etc…again these are wants!


Differing needs and wants

Differing needs and wants…

  • Age

  • Culture

  • Gender

  • Community

  • Era/Time

  • Income

  • Values

  • Personality

  • Etc., Etc..

  • Just like each one of us is different from each other…so too are our needs and wants!!


Q why is this important

Q.Why is this important?

A.

  • Your needs and wants…

  • provide businesses with opportunities to make a profit…

  • by providing goods and services…

  • that fulfill your NEEDS & WANTS


What about you

What about you?

  • You are the “CONSUMER”

  • A consumer is a person (business or organization) who buys and uses goods and services…

  • which essentially fulfill our needs and wants!


Trends fads

TRENDS & FADS

  • A trend is the direction in which society in heading…

  • The way things are going to be…

  • For a LONGGGGG time!

  • Ex. Computerized, faster, smaller, high gas prices.

  • Trends will influences what people need and want…what they will buy.


Trends illustrated

TRENDS illustrated…

  • How could higher gas prices affect consumer purchasing and habits?

    • Buy smaller cars

    • Car pool

    • Walk or bike

    • Alternative energy cars


Name some other trends

NAME some other trends!!

  • Higher education

  • Environmental awareness

  • Leisure time

  • Personal Appearance and wellness

  • 2 income families

  • More….


Trends fads1

TRENDS & FADS

  • A FAD is short term phenomenon in which something quickly catches on and “dies out” almost as quickly.

  • Most fads deal with personal expression, toys, music, fashion

  • Ex… name some!!!

  • FADS too will influences what people need and want…what they will buy.


Fads illustrated

FADS illustrated

  • Name the latest Video Game System

  • Now name the systems that are no longer popular…that are now “out-dated” or no longer ”IN”.

  • Q. How does FADS affect business and consumers?


Maslow s theory

Maslow’s Theory

  • humans are motivated to satisfy their needs according to a hierarchy (a ranking order).

  • He used his hierarchy to illustrate how people are motivated to satisfy their most basic physical and safety needs first.

  • Once those needs are filled, Maslow said, people will be motivated by their higher needs for love, esteem, and, finally, self-actualization.


Maslow and business

Maslow and Business

  • What does Maslow’s Theory have to do with business or consumers?

  • Ex. Advertising and how businesses try to “APPEAL” to certain types of needs.

  • Ex. Consumer purchases of lower level, higher priority needs FIRST.


What is business

What is Business?

  • Any place that sells goods or services…

  • that satisfy needs and wants…

  • in order to earn a profit.


Business is everywhere

Business

Business

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Business

Business is EVERYWHERE!!!

Business

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Business

Business is a major and influential part of Canadian society. Everyone is involved in the business world to some extent.


Interdependence

Interdependence

Needs & Wants

Producers

Consumers

Goods & Services


Some definitions

Some definitions

  • Producers: businesses that create finished goods or provide services.

  • Goods: are any physical item that you purchase, possess and use. Examples please…

  • Services: are any helpful action performed in exchange for pay. Examples please…


The interdependence

The “Interdependence”

  • Explain the interdependent relationship between consumers and producers.

  • Consumers have needs and wants. They NEEDproducers (businesses) to fulfill these needs and wants.

  • Hence business create goods and provide services.

  • At the same time, producersNEEDconsumers to buy their goods and services.


The interdependence1

The “Interdependence”

  • Can you name other types of interdependence in the world of business?

  • Ex. Business – Business, Business - Workers


Producers a closer look

Producers…a closer look.

  • 2 groups of producers:

    • Manufacturer

    • Supplier

  • Manufacturer is the actual company that makes the finished good. Ex. NIKE makes or manufactures NIKE footwear and clothing.

  • Supplier is the business that makes the finished goods available to the consumer. Ex. Walmart, Canadian Tire and Athlete’s World.

  • NIKE does not sell directly to the end consumer. They sell to other businesses.


Goods consumers a closer look

Goods & Consumers…a closer look.

  • 2 types

    • Consumer goods & the End Consumer

    • Business-to-business goods & Business–to-business consumers


Consumer goods the end consumer

Consumer goods & the End Consumer

  • Consumer Goods are items purchased by consumers and used for personal use…

  • The person who purchases a product for their own use is called the end consumer or ultimate consumer.

  • Ex. A toaster to use at home.


Business to business goods business to business consumers

Business-to-business goods & Business–to-business consumers

  • Business–to–business goods are items purchased by businesses to use in the business or in other products. Also called producer goods.

  • Businesses that buy goods to use in their own products or in operating their business is referred to as a business-to-business consumers or industrial consumers.

  • Ex. A restaurant purchases a toaster to make toast for breakfast for its customers.


The market

The Market

  • Market is any place where buyers (consumers) and sellers (producers) meet to make an exchange and do business.

    • Consumer Markets

    • Business-to-business Markets

      Examples of each???


Demand

Demand

  • Demandrepresents the consumer side of the market.

  • Consumer demand for a product is directly related to price.

  • Generally speaking, consumers are willing to buy more of a good or service when the price is low.


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