1. Entrepreneurship Unit 4, Lesson 1
Entrepreneurs Satisfy Needs and Wants
Entrepreneurship Unit 4, Lesson 1
Consumers depend on entrepreneurs to satisfy their needs and wants.
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NEEDS
Go over each part of the Maslow’s Hierarchy of Needs pyramid and ask students to give examples that you write on the board. Give students the blank picture of the pyramid. They can fill in the notes as you cover the material in class. 3
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WANTS
Economic
Material goods and services
Basis of an economy
Clothing, housing, cars
Hair styling, medical care, airline tickets
Non-economic (needs)
Sunshine
Fresh air
Exercise
Friendship
Happiness
We live in a material world. Marketing does an effective job of making consumers aware of economic goods that they would like to own. Individuals always want more than they can afford. 4
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Needs and Wants
Needs and wants are unlimited.
Needs and wants are only limited by the minds of consumers.
Many purchases are related to additional purchases.
Businesses respond to needs and wants when they can make a profit.
Give examples of add-on sales. When individuals purchase new shoes, they may also purchase a belt that matches the shoes and new socks. Purchasing a new house leads to purchasing appliances and furniture. 5
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6. Role of Entrepreneurs in the U.S. Economy
Supply goods and services to meet consumer demands
Provide capital investment
Create jobs
Act as change agents 6
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Assignments #1
Maslow’s Hierarchy of Needs Pyramid Poster: Design a 8 ½ x 11 poster that shows Maslow’s Hierarchy of Needs Pyramid. The pyramid should be large enough to include pictures to represent each category in the pyramid (label each category). This project will be evaluated for content and understanding. 7
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