What drives our purchase decisions?

List everything you have with you at the moment. Include what is in your backpack/and or pocketbook. DO NOW

Video What are your wants and needs video VY6UdMnf4KE

Wants/Needs Wants – thing that makes life enjoyable, but don’t really need Public want – wants of a large group. Usually governments/state/town/city pays for these (i.e. Lakeland HS wants all new computers) Private wants – wants of an individual or small group. (I.e. car, pool) You need to pay. Needs – something necessary to sustain life.

Goods vs. services Good – physical thing that you can touch and feel Service – a task performed for you Producer – individuals and organizations that determine what products and services will be available for sale Consumer – a person who buys and uses goods and services

Supply and Demand Demand – the quantity of a good or service that consumers are willing and able to buy. Supply – the quantity of a good or service that businesses are willing and able to provide Market price – the point where supply and demand are equal True or False – the greater the demand the higher the price

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Goods and Services provided by a producer Rohsler’s Allendale Nursery Buy flowers for my garden (good) II want to have mulch delivered (Service) I need mulch (good) Producer

Goods and Services provided by a producer

Assessment 1.A good is something that______ a.You can use b.You can touch c.Satisfies wants d.All of the above (d)

Assessment 2.A service is___________-- a.A job you do for others b.Paid for by a consumer c.Satisfies wants d.All of the above (d)

Assessment True or False 3.Everything we purchase to satisfy our wants is either a good or a service (T) 3.Many goods are made from natural resources (T)

Assessment – match service to the producer Veterinarian Police officer Stylist Teacher Lifeguard Keeps pets healthy Keeps beaches safe Helps children learn Keeps neighborhood safe Gives haircuts