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Chapter 1 new

  1. 1. Chapter 1<br />Wants and Needs<br />
  2. 2. SWBAT(Students will be able to)<br />State difference between wants and needs<br />Identify the difference between goods and services<br />Describe how limited resources relate to wants<br />Explain how business will be part of their life<br />
  3. 3. What are these?<br />Million dollars<br />New car<br />Chocolate cake<br />Presentationpro.com<br />iStockphoto.com<br />iStockphoto.com<br />
  4. 4. Wants<br />Things you wish you could have<br />Two types<br />Public – provided by government<br />Can be local, state, or federal<br />Private – provided by yourself<br />
  5. 5. Public<br />Examples<br />Safe highways in good working conditions<br />Safe streets to walk on<br />Safe drinking water<br />Good education<br />
  6. 6. What is this?<br />http://www.whale.to/a/american_food_pyramid.html<br />
  7. 7. Needs<br />Something you have to have to survive<br />NO your cellphone doesn’t count<br />Examples:<br />Food<br />Shelter<br />Clothing<br />
  8. 8. How do we satisfy wants and needs?<br />Goods<br />Services<br />
  9. 9. Goods<br />Something that you can see or touch<br />
  10. 10. Service<br />Task that people or machines perform<br />lawyer<br />haircut<br />
  11. 11. How do we get goods and services?<br />Resources<br />Anything you can use to get goods and services.<br />Examples:<br />Labor<br />Money, money, money<br />
  12. 12. Any of you face this?<br />Unlimited wants, limited resources<br />I want, I want, but I don’t have any money to buy<br />Many people face this dilemma in different situations<br />Individuals<br />Companies<br />Nations<br />
  13. 13. In our head<br />Decision-making process<br />Identify the problem<br />List the alternatives<br />Determine the pros and cons<br />Make the best decision<br />Evaluate your decision<br />
  14. 14. How do we get most goods and services?<br />Business – activity that seeks profit by providing goods or services to others<br />What is profit?<br />Money left over after all expenses are paid for.<br />Examples?<br />Some business owners become wealthy<br />Can you name a business owner and their business?<br />
  15. 15. Business Activity<br />Organize the people and equipment <br />Manage the resources<br />Produce a product<br />Market the product<br />
  16. 16. Competition<br />Contest between businesses to win customers<br />Name business and their competitors?<br />
  17. 17. How do you fit in business?<br />Consumer<br />Employee<br />Owner<br />
  18. 18. Summary<br />The more you know about business the better off you will be.<br />You will be involved in businesses everyday.<br />

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