WANTS AND NEEDS
I WANT It
Individual Group Family Business Public
Needs
Basics: Food, shelter, clothing. Business and Government provide needs
at affordable prices Termes: Goods and Services
Examples
Goods Services
Limited Resources
Unlimited wants (designing rooms) Business promotes different items to
meet wants More goods produced= Resources limit wants
Decision Process
1. Identify the Problem 2. List alternatives 3. Determine the pros and cons 4. Make the best decision 5. Evaluate your decision
Assignment
Work in groups Decide between two similar products
(wants) Example: Ferrari or Lamborghini
Use the decision making process to decide on what you will end up buying
Continued
Same groups Decide between to basic needs
Clothing, shelter, food No brand names for clothes
Try to find cheapest types No mansions <200,000 Generic food
Business
Here to supply needs and wants Also people get wealthy
Sam Walton Develops goods and services Market research
Production
Opportunity Evaluates demand Funding? Setting up and maintaining production Final product Marketing Safety
Motivations
$$$$ Need to stay competitive High sales, low costs
Bank of America Keep up with change
Fads
Chicken or the Egg
Business provides goods and service
People want goods and services
Consumers
Mostly users of goods and service
Increase supply; Decrease supply
Business responsibility
Making money
Businesses need employees People need money Businesses pay employees
Assignment
Design a Flow Chart Diagram how money gets into your
pocket Then determine how money gets back
into a business Label each step
Money↓Business→ Products → Profit → Buys goods and services ↓Employee↓Buys goods or services↓Business