A Look at Wants and Needs Chapter 1

A Look at Wants and Needs Chapter 1

Wants Things that you wish you could have

Private Wants vs. Public Wants – Private wants • Things that you want – Public wants • Wants that are widely shared by many people

The Role of Wants drive our economy Wants help determine what manufacturers produce and what service industries provide I want ________

Needs Necessary wants Things that you must have to survive

Goods Can be physically weighed or measured • Bicycles • Cars • Groceries • Cell phones

Services Tasks that people or machines perform • Getting a haircut • Taking your car for an oil change • Getting your computer fixed

Resource Anything that people can use to make or obtain what they need or want

Business Any activity that seeks profit by providing goods or services

Profit The amount of money left over after a business has paid for the cost of producing its goods and services Profit is the motivation for taking the risk to start a business Profit is the reward for satisfying the needs and wants of the consumer

Competition Contest between businesses to win customers Competition is the direct response to a consumer’s wants and needs

Consumer A person who selects, purchases, uses, or disposes of goods or services

You are a consumer You decide what kind of products and services you want and where you will buy them Where do you go to buy your electronics? Video games? Why?

Businesses also affect you when they discontinue products The decision to stop manufacturing products is often because there is a decreasing demand What products have you used in the past that are no longer available? Why are they no longer available?

What’s In Your Community Name of Business Goods Provided Services 1. Target Clothing, Food, Home Goods, Workout equipment, electronics Instore pickup, gift registry 2. Great Clips Hair products Hair cut, Hair coloring 3 4 5

Homework - Chapter 1 – “A Look at Wants and Needs” 1. Answer the following questions using your book 1. Page 9 #’s 1 -3 2. Page 12 #’s 1 -3 3. Page 13 #’s 1 -2 2. Using Business key Words 1. Page 14 #’s 1 -9

OTB-Friday, March 5, 2021 Attendance l Take out your Chapter 1 note sheet from yesterday. l You will need your book today. l Hand in your OTB Contracts!!!!!!! l

Answers to Page 9 #’s 1 -3 1. 2. 3. Wants are things you wish you could have. Needs are things you must have to survive. Public wants are widely shared by many people; a small group of people hold private wants. Identify the problem, list the alternatives, determine the pros and cons, make the best decision, and evaluate your decision.

Answers to Page 12 #’s 1 -3 1. 2. 3. The functions of business are to provide consumers with necessities such as food, clothing, housing, medical care, and transportation. Organizing, managing, producing, and marketing. Provides things you need and want. Business provides you with a job.

Answers to Page 13 #’s 1 -2 1. 2. What happens in business and government will make a difference in you and your family’s lives as consumers and workers. The more education you have, often the better your income. Knowledge helps you understand the role of jobs in today’s economy.

Using Business Key Words. 1. 2. 3. 4. 5. Needs 6. Business 7. Resources 8. Competition 9. Wants Consumer Services Goods Profit