A Look at Wants and Need

1. A Look at Wants and Need Chapter 1

2. Learning Objectives • After completing this chapter you will be able to: • State the differences between wants and needs • Describe how limited resources relate to wants • Identify business activities that are used for products and services • List the two factors that motivate businesses • Explain the relationship between business and you.

3. Key Words • Wants • Needs • Goods • Services • Resource • Business • Profit • Competition • Consumer

4. Business in Today’s World Wants and Needs of Your Sanctuary

5. Revamp Bedroom Worksheet

6. An Abundance of Wants • Wants are things you wish you could have. • Private wants • Mountain bike • New car • Public wants • Highways • Education

7. Satisfying Wants and Needs • Needs are necessary wants • Food, shelter and clothing • Businesses assess consumer needs and provide goods and services. • Goods can be physically weighed and measured • Services are tasks that people perform

8. Unlimited Wants, Limited Resources • Resources – anything that people can use to make or obtain what they need or want. • Examples: • Fuel timber • Labor • Money • Resources limit the number of wants people satisfy.

9. Decision-Making Process • Identify the problem • List the alternatives • Determine the pros and cons • Make the best decision • Evaluate your decision

10. Fast Review • Define wants, needs, goods, services, and resources. • What is the difference between public wants and private wants? • List the steps in a decision-making process.

11. What is Business Business is an activity that seeks profit by providing goods and services to others

12. Business Activities • Determine opportunities for products and services • Evaluate the demand for products and services • Obtain funding set up and manages all factors for producing goods and services • Produces the goods and services • Market the goods and services • Keeps records to satisfy government requirements and analyze how to improve production and sales.

13. Business Motivations • Profit is the amount of money left over after a business has paid for the cost of producing its goods and services. • Competition – the contest between businesses to win customers

14. Business and You • You as a Consumer • A consumer is a person who selects, purchases, uses, or disposes of goods and services • You as a Wage Earner

15. Fast Review • Explain the functions of business. • List the business activities that happen behind every product or service • How does business affect you as a consumer and as a wage earner?

16. Self Discovery in Business • The value of knowledge • What do you like?

17. Fast Review • Why is it important to understand business today? • How will knowledge help your career?

18. Chapter 1 Review Summary

19. Wants are things you wish you could have • Needs are things you need for survival, like food, shelter and clothing • Goods satisfy you wants and needs for material things that you can touch • Services satisfy some of your wants for things you cannot see or touch

20. Limited resources affect the number of wants

21. Business activities include determining opportunities for • Products or services • Evaluating the demand • Obtaining the funding • Setting up and managing all factors needed for production • Producing the goods or services • Keeping records

22. Both profit and competition motivate business to meet wants and needs

23. Business affects • Consumers by the products or services it decides to offer • You as a wage earner by determining the types of jobs that will be available • You affect business • What products and services you buy • How you work