1. DO NOW: Take Notes from front desk In your notebook:
List things that you needed today between the time you woke up for school and the time at which you walked into this classroom
BE PREPARED TO DISCUSS!

2. Introduction to Business Chapter 1

3. Needs vs Wants: Is it simple or complicated?
Needs and Wants

4. What is the definition of a want?
Wants are the things you wish you could have.
Examples
You may want a new phone
Your friends may want a new car
RHS may want a swimming pool
Although these wants may be shared they are considered private wants
Private Wants

5. Public Wants When a want is widely shared it is called a public want.
Examples
Highways
Drinking water
Education
For the most part states and local governments satisfy public wants.

6. What is the definition of a need?
A need is a necessary want.
Examples
Food
Shelter
Clothing

7. Activity Read and complete article individually
Then find a partner to check one another’s work and discuss correct placement of classmate’s needs or wants
Be ready to discuss

8. Why talk about wants and needs?
The wants and needs of potential consumers is what motivates a business to get started

9. Goods and services

10. Goods Goods can be physically weighed or measured. Examples
Phones
Groceries
Skateboards
Goods satisfy your wants and needs for material things that you can see or touch.
More examples?

11. Services Services are tasks that people or machines perform Examples
Car Repair Shop
Repair your car
Hair Dresser
Hair cut/color
Paying for a service
Services satisfy some of your wants for things you can not see or touch.
More examples?

12. Think, Ink, Pair, Share
List businesses that you deal with and identify
Fulfill a want or need?
Provide goods or services?

13. Resources
Resource: anything people can use to make or obtain what they need or want
Can include fuel, timber, labor, and money
Problem of unlimited wants and limited resources affects individuals, companies and nations

14. What is Business?

15. What is a Business
Any activity that seeks profit by providing goods or services to others.
Provides you with necessities such as food, clothing, housing, medical care, and transportation.

16. What do Businesses Do? Business Activities include:
Determining opportunities for products or services
Evaluating the demand
Obtaining funding
Producing goods or services
Marketing goods or services
Keeping records

17. What is Profit?
Profit is 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.
A business is profitable when sales are high and cost are kept low.
If you charge $45 for a milkshake but it cost you $30 to make the milkshake, what is your profit?
How do you make a profit today?

18. How do YOU fit into business?

19. You as a Wage Earner
In order to make products and provide services, businesses hire people to work.
In order to produce a product the business decides how it will be produced.
Who here currently earns a profit through their jobs?

20. You as a Consumer
A consumer is a person who selects, purchases uses or disposes of goods or services.

21. Competition
Competition is the contest between business to win customers.
Ex. Starbucks vs. Dunkin Donuts
Competition is a direct response to consumer’s wants and needs.
Think & Ink: How does competition affect business?

22. In groups of 3…
Work in groups of three to create a product or service that would make your lives easier and more efficient
Groups will use poster boards and markers to create
Be ready to explain the product or service, whether it fulfills a want or need and, if a want, whether it is a public or private want

23. Closure
Re-categorize your list from the Do Now into a list of wants and a list of needs on the front board
How has your list changed?
Do you have more products or services that satisfy your wants or needs? How do you know?
Next Class
Objectives