Introduction to Business Unit 1: The Economy and You Chapter 1: A Look at Wants and Needs.

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Presentation transcript:

Introduction to Business Unit 1: The Economy and You Chapter 1: A Look at Wants and Needs

Learning Targets 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 two factors that motivate businesses. Explain the relationship between business and you.

Why are wants/needs important? Businesses satisfy people’s basic needs all the way to their lavish wants. Competition and profit motivate these businesses to continually strive for your business.

Academic Vocabulary Wants Needs Goods Services Resource Business Profit Competition Consumer

CH 1 Reflections #1 What is the difference between public wants and private wants? List the steps in a decision-making process. List the business activities that happen behind every product or service. How does business affect you as a consumer and a wage earner? Why is it important to understand business today? How will knowledge help your career?

CH 1 Reflections #2 Describe the difference between wants and needs. Give two examples of each. Explain the major differences between goods and services. Is time an example of a resource? Explain. How do decisions that businesses make affect you as a consumer? How has a decision made by a business affected you personally? How do the decisions that you make as a wage earner affect a business?

CH 1 Reflections #3 Why is the decision-making process important to use when making choices about what to buy? Do you think it’s possible to have all your wants satisfied? Explain. Why do you think Wal-Mart has been so successful? List three situations in which decision-making has greatly influenced your life. How have you improved the production process of something?