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Needs and Wants

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Intro to Business - Needs and Wants

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Needs and Wants

  1. 1. Chapter 1 – Wants & Needs
  2. 2. What is *Business? Any activity that seeks profit by providing goods or services to others (who want or need them).
  3. 3. *Want Things you wish you could have  public wants – shared by many  Satisfied by the Government  private wants – individual/family wants
  4. 4. *Needs Necessary wants
  5. 5. *Goods Can be physically weighed or measured  can see or touch them
  6. 6. *Services Tasks people or machines perform  Cannot see or touch
  7. 7. *Resource Anything people can use to make or obtain what they need or want
  8. 8. Limited Resources Most people have unlimited wants The more money you make, the more you want Very few people have enough money to satisfy their wants Resources limit the number of wants people can satisfy
  9. 9. Business Activities Organize people & equipment Manage resources Produce products/services Market Distribute
  10. 10. 2 Factors that motivate business Profit Competition
  11. 11. *Profit Amount of money left over after a business has paid for the cost of producing its goods and services
  12. 12. *Competition Contest between businesses to win customers
  13. 13. Your relationship with business Consumer Wage earner
  14. 14. *Consumer A person who uses goods or services  Purchases
  15. 15. As a consumer you need to Understand the world you live and work in  What happens in business and government will affect your life Do your research
  16. 16. How Business Decisions AffectConsumers Businesses offer goods/services based on what people want/need
  17. 17. How Wage Earners AffectBusiness You affect productivity You affect quality
  18. 18. Decision-Making Process Step 1 – identify the problem Step 2 – list possible solutions Step 3 – evaluate the solutions (+/-) Step 4 – make a decision Step 5 – evaluate your decision
  19. 19. Importance of the DecisionMaking Process Helps you make better choices

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