1. A Look at Wants and Needs
Chapter 1

2. Wants
Things that you wish you could have

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

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

5. Needs
Necessary wants
Things that you must have to survive

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

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

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

9. Business
Any activity that seeks profit by providing goods or services

10. 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

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

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

13. 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?

14. 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?

15. 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

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

17. OTB-Monday, October 14, 2019 Attendance
Take out your Chapter 1 note sheet from yesterday.
You will need your book today.
Hand in your OTB Contracts!!!!!!!

18. Answers to Page 9 #’s 1-3
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.

19. Answers to Page 12 #’s 1-3
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.

20. Answers to Page 13 #’s 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.

21. Using Business Key Words.
Needs
Consumer
Business
Services
Resources
Goods
Competition
Profit
Wants