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Chapter 1Wants and Needs
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
What are these?Million dollarsNew carChocolate cake
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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
PublicExamples
◦Safe highways in good working conditions
◦Safe streets to walk on◦Safe drinking water◦Good education
What is this?
http://www.whale.to/a/american_food_pyramid.html
NeedsSomething you have to have to
surviveNO your cellphone doesn’t countExamples:
◦Food◦Shelter◦Clothing
How do we satisfy wants and needs?GoodsServices
GoodsSomething that you can see or
touch
ServiceTask that people or machines
perform
haircut
lawyer
How do we get goods and services?Resources
◦Anything you can use to get goods and services.
◦Examples: Labor Money, money, money
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
In our headDecision-making process
◦Identify the problem◦List the alternatives◦Determine the pros and cons◦Make the best decision◦Evaluate your decision
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?
Business ActivityOrganize the people and
equipment Manage the resourcesProduce a productMarket the product
CompetitionContest between businesses to
win customersName business and their
competitors?
How do you fit in business?ConsumerEmployeeOwner
SummaryThe more you know about
business the better off you will be.
You will be involved in businesses everyday.