Back to Table of Contents pp. 4-17 Chapter 1 A Look at Wants and Needs.
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Back to Table of Contents pp. 4-17 Chapter 1 A Look at Wants and Needs
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Transcript of Back to Table of Contents pp. 4-17 Chapter 1 A Look at Wants and Needs.
Back to Table of Contents
pp. 4-17
Chapter 1 A Look at Wants and Needs
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Introduction to Business, A Look at Wants and Needs
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.
ChapteChapterr
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Introduction to Business, A Look at Wants and Needs
Key WordsKey Wordswantsneedsgoodsservicesresource businessprofitcompetitionconsumer
continued
ChapteChapterr
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Introduction to Business, A Look at Wants and Needs
Wants are the things you wish you could have. Each person has wants.
A group of people may also share the same wants - they are considered private wants.i.e. drinking water, education – government satisfies
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Introduction to Business, A Look at Wants and Needs
Figure1.1 WANTS AND NEEDS OF YOUR SANCTUARY
You need yourown “space.”Studies show yourbedroom is anexpression of yourself.
How would you revamp your space if you could?Do you share a bedroom?
ChapteChapterr
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Introduction to Business, A Look at Wants and Needs
Necessary wants are needs.
Food, shelter, and clothing are basic needs.
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Introduction to Business, A Look at Wants and Needs
Satisfying Wants and Needs With Satisfying Wants and Needs With Goods and Services Goods and Services
Goods can be physically weighed or measured.
Services are tasks that people or machines perform.
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Introduction to Business, A Look at Wants and Needs
Unlimited Wants, Limited Resources Unlimited Wants, Limited Resources
Most people have unlimited wants for goods and services. The more money you make, the more goods or services you want.
There are limited resources. Examples of resources include oil and money. A resource is anything that people can use to make or obtain what they need or want.
ChapteChapterr
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Introduction to Business, A Look at Wants and Needs
Unlimited Wants,Unlimited Wants, Limited Resources …Limited Resources …
This problem affects• individuals• companies• nations
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Introduction to Business, A Look at Wants and Needs
Deciding on Your Resources Deciding on Your Resources
Decisions are made about what to buy.
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Introduction to Business, A Look at Wants and Needs
Deciding on Your Resources Deciding on Your Resources The decision-making process has five essential steps:1. Identify the problem.2. List the alternatives.3. Determine the pros and cons.4. Make the best decision.5. Evaluate your decision.
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Introduction to Business, A Look at Wants and Needs
Graphic Organizer
GOODSGOODS
TangibleMaterialThings
GOODSGOODS
TangibleMaterialThings
Economics’ Starting PointsEconomics’ Starting Points
Graphic OrganizerGraphic Organizer
SERVICESSERVICES
TasksPerformed
SERVICESSERVICES
TasksPerformed
RESOURCESRESOURCESAnything people canuse to make or obtain
what they want or need
NEEDSNEEDS
WANTSWANTSThings you wish you
could have
Necessary wants
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Introduction to Business, A Look at Wants and Needs
Fast Review
1. Define wants, needs, goods, services, and resources.
2. What is the difference between public wants and private wants?
3. List the steps in the decision-making process. continued
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Introduction to Business, A Look at Wants and Needs
What Is Business? What Is Business? Business is any activity that seeks profit by providing goods or services to others.
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Introduction to Business, A Look at Wants and Needs
Business Activities Business Activities 1. A business must organize the people and
equipment to provide the product.2. People within the organization manage the
company’s resources to produce the product.3. The company markets the product or service
by deciding where to sell it and how to advertise it.
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Introduction to Business, A Look at Wants and Needs
Business’ Motivations Business’ Motivations 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. Profit is made by keeping sales high and costs low.
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Introduction to Business, A Look at Wants and Needs
Business’ Motivations Business’ Motivations Companies thrive on competition, or the contest between businesses to win customers.
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Introduction to Business, A Look at Wants and Needs
Figure1.2 RIDING THE SEA OF CHEESES
Cheese lovers’ tastes are changing to specialty cheeses. While cheddar and mozzarella are mainstays, sheep’s and goat’s milk cheeses are moving straight ahead to your nearest deli counter.Imagine you want to become a cheese maker. What kind of cheese would you make. Why?
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Introduction to Business, A Look at Wants and Needs
You as a Consumer You as a Consumer A consumer is a person who selects, purchases, uses, or disposes of goods or services.
Business is aware of your changing needs and wants.
Businesses affect you when they discontinue products – usually due to decreasing demand.
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Introduction to Business, A Look at Wants and Needs
You as a Wage Earner You as a Wage Earner • In order to make products and provide services, businesses hire people to work. • In business today, workers have more input about how business is done. • When you’re an employee, quality of work, decision-making skills, and input to problems help a business flourish.
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Introduction to Business, A Look at Wants and Needs
Self-Discovery in Business Self-Discovery in Business Changes in the price of consumer goods, company bankruptcies and interest rates affect your life.
What happens in business and government will make a difference to the world you live and work in.
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Introduction to Business, A Look at Wants and Needs
The Value of Knowledge The Value of Knowledge When you become a business owner, manager, or employee, you’ll need business knowledge.
The more education you have, the better your income.
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Introduction to Business, A Look at Wants and Needs
What Do You Like? What Do You Like? Learn as much now in order to make an informed decision in the future.
Explore all the business opportunities in order to see what is available to you in order to satisfy your wants and needs.
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Introduction to Business, A Look at Wants and Needs
Does the media sway the public’s wants and needs?
