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Understanding Needs and Wants in Business

Learn how needs and wants drive economic decisions, the role of goods and services, and the significance of economic resources. Explore limited resources and their impact on production and consumption.

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Understanding Needs and Wants in Business

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  1. Intro to Business:Welcome! G R A N I T E F A L L S H I G H S C H O O L

  2. First rule of economics . . . understanding NEEDS AND WANTS • Needs are essential • Wants add to the quality of life • Needs and wants are unlimited!!

  3. NEEDS AND WANTS How do people satisfy their wants and needs? • By purchasing and consuming goods and services.

  4. GOODS AND SERVICES • Goods and services are for BOTH businesses and consumers! • The U.S. economy is the largest producer of goods and services in the world.

  5. Economic Resources Economic resources are the means through which goods and services are produced. • Natural resources • Raw materials supplied by nature. • Human resources • People producing goods and services. • Capital resources • Products and money used in the production of goods and services. Remember: economic resources are limited!

  6. Economic Resources • Economic resources are also called “Factors of Production” • Economic resources are limited.

  7. Classroom Quiz • Name a limited “natural resource” that is currently impacting each of us economically.

  8. Classroom Quiz • Identify a human resource that is currently in short supply?

  9. Classroom Quiz • How does increased cost of capital resources effect the products we buy?

  10. Today . . . • Books • Finish Assignment #1 – Vacation Planning. • Finish Week 1 – Blog Post • www.gfhs.edublogs.org • Password “tigerpride” • Type your comment in Word first, then cut and paste. Proof/spell check, etc. • IP address to track each comment. • Worth 10 points. Due Monday morning.

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