5. An Abundance of Wants and Needs
Wants and needs
determinate what
products and services
businesses provide.
6. Suppose you have 50 AED. you could use it to
buy lunch or to go to watch a movie.
Which one would you choose?
Which of these things do you want, and which do you
need ?
1.Movie A- Want
B– Need
2.Food A– Want
B- Need
10. • Food
• Water
• Shelter
• A family may
want a new
kitchen table
• A business may
want a new
computer
system
• Highways
• Hospitals
• Schools
• Parks
Basic Needs Private Wants Public Wants
• Things that
everyone needs
to survive.
• Needs shared by
small group of
people (Family)
• Things that
everyone wants
shared by many
people
11. Satisfying Wants and Needs
Businesses provide
goods and services
to satisfy the wants
and needs of
businesses and
consumers.
14. Main Activity
Answer the below questions.
Q1:write a paragraph
explaining why some wants are
classified to be public wants
and how could a private want
turned to be a public want.
Q2:Who provides our
community with the greater
number of goods and services
and why?
Q1: define the below terms in
your own words and provide
example for each.
(Wants, Needs, private wants
and public wants)
Q2:Play a teacher role and
explain to the class the
difference between goods and
services and present an
example of each.
Q1: match the list of items to
wants, needs, goods and
services.
(water, phone, haircut, book)
Q2: compare between wants
and needs plus, private wants
and public wants
Group A Group B Group C
16. Car, phone, a new computer
Food, water, shelter and clothing
Groceries and telephones
Insurance, sports and entertainment, tourism, banking and education
Wants
Needs
Public wants
Answer Key
18. Learning Outcome
Describe how resources limit the number of wants
people and businesses can satisfy
Explain how to use decision-making process to
make the most of your resources
20. How Resources Limit the Ability to
Satisfy Wants and Needs
No one has
enough resources
to satisfy all of
their wants.
Example: Money,
fuel and labor
21. Making the Most of Your Resources
You can make the most of your resources
by making careful decisions about what
to buy.
22. The Decision-Making Process
The decision-making process
can help you make good
choices. It helps you to
identify and consider your
various alternatives and their
consequences before you
make a final decision.
25. Personal Decision Making
On which item will you spend more
time making a purchasing decision?
A. Laptop B. Chocolate
26. Business Decision Making
Competition among businesses is intense. For this reason,
businesses must decide how to best use and conserve their
resources.
Businesses must make thoughtful decisions that are consistent
with their goals. Business managers constantly make decisions.
Most companies allow managers to make routine decisions
independently. Higher-level business managers usually make
more important decisions that affect the future of their
companies.
27. The Government support to local and
residents of UAE
Discuss with your class how the UAE
government provides support in terms
of needs for local and residents.
28. Link to Mathematics
In making a household budget, you
determine that your basic needs require
75 percent of your monthly income. The
items you listed as “wants” cost another
15 percent. If your monthly income is
$2,500, how much are you spending on
wants? How much do you have left to
save?
Spending ____________
Saving ______________
29. Car, phone, a new computer
Food, water, shelter and clothing
Groceries and telephones
Insurance, sports and entertainment, tourism, banking and education
Money, fuel and labor
Wants
Needs
Public wants
Public wants
Goods
Resources
Decision-making
Worksheet Answer Key
30. Public wants are shared by many people; individuals or small groups of people have
private wants
Identify the situation, list possible courses of action, determine pros and cons,
make the decision, evaluate the decision
Answer Key
As you get older you tend to loose the amount of wants and needs as you grow and
become more mature. Your wants will become more realistic as well.
31. Q1: List three reasons why the decision-making process is important to use
when making choices. Then describe a decision you recently made and
explain how you made it.
Q2: Describe a situation in which you made a decision that greatly influenced
your life.
Q3: Discuss how competition impacts the company’s decisions.
