intro to business

1. A Look at Wants and Needs
Chapter 1 pp. 4-17
Mr. Manning

2. Chapter 1
Introduction to Business, A Look at Wants and Needs
Learning Objectives
• Explain the difference between public
and private wants.
• Describe how resources can limit the
number of wants people and businesses
can satisfy
• List the steps in the decision making
process.

3. Chapter 1
Introduction to Business, A Look at Wants and Needs
WANTS
• Wants are the things you “wish” you
could have. Each person has wants
• A group of people may also share
the same wants. Although these wants
are shared, they are considered
private wants

4. Chapter 1
Introduction to Business, A Look at Wants and Needs
PRIVATE WANTS

5. Chapter 1
Introduction to Business, A Look at Wants and Needs
• Some wants are widely shared by
many people
• These wants are no longer
considered private but become public
wants. For the most part local, state,
and federal governments satisfy
public wants
PUBLIC WANTS

6. Chapter 1
Introduction to Business, A Look at Wants and Needs
• Examples of public wants are:
education, highways, and drinking
water
PUBLIC WANTS

7. Chapter 1
Introduction to Business, A Look at Wants and Needs
SATISFYING WANTS AND NEEDS
• Needs - “Necessary wants;” food,
shelter, clothing
• Goods can be physically weighed
or measured
• Goods satisfy your wants and needs
for material things

8. Chapter 1
Introduction to Business, A Look at Wants and Needs
• Services are tasks that people or
machines perform, things you can’t
see or touch.
• Examples: auto tune-ups, tax
accountant, haircut
SATISFYING WANTS AND NEEDS

9. Chapter 1
Introduction to Business, A Look at Wants and Needs
• What is another name
for necessary wants?
• Needs
• Who or what satisfies
our public wants?
• Local, state, and federal
government

10. Chapter 1
Introduction to Business, A Look at Wants and Needs
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.

11. Chapter 1
Introduction to Business, A Look at Wants and Needs
• A resource is anything that people
can use to make or obtain what they
need or want
• Examples of resources include fuel,
timber, labor, and money
UNLIMITED WANTS,
LIMITED RESOURCES

12. Chapter 1
Introduction to Business, A Look at Wants and Needs
• The problem of unlimited wants
and limited resources affects
individuals, companies, and nations
• Resources limit what you buy
• Businesses and government affected
UNLIMITED WANTS,
LIMITED RESOURCES

13. Chapter 1
Introduction to Business, A Look at Wants and Needs
The decision-making process has five
essential steps:
1. Identify the situation
2. Identify possible courses of
action
3. Determine the pros and cons
4. Make the best decision
5. Evaluate your decision
DECIDING ON YOUR RESOURCES

14. Chapter 1
Introduction to Business, A Look at Wants and Needs
• HOMEWORK
– Rd. Pgs. 12-15
– Review questions on Page 15 (1-3)

15. Chapter 1
Introduction to Business, A Look at Wants and Needs
Learning Objectives
• Explain how profit and competition
motivates business.
• Describe how business impacts
you and how you impact business.

16. Chapter 1
Introduction to Business, A Look at Wants and Needs
WHAT IS BUSINESS?
Business is any activity that seeks
profit by providing goods or services to
others

17. Chapter 1
Introduction to Business, A Look at Wants and Needs
Businesses provide you with:
• Necessities (things you need)
• The opportunity to become wealthy
WHAT IS BUSINESS?

18. Chapter 1
Introduction to Business, A Look at Wants and Needs
WHAT BUSINESS DOES
1. Identify opportunities for
products or services
2. Evaluate the demand for
products or services
3. Obtain start-up money
4. Manage production of G&S
5. Market goods & services
6. Keep records

19. Chapter 1
Introduction to Business, A Look at Wants and Needs
BUSINESS’S MOTIVATIONS
• Profit - 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, in it to MAKE $

20. Chapter 1
Introduction to Business, A Look at Wants and Needs
• A business is profitable when sales
are high and costs are kept low
BUSINESS’S MOTIVATIONS
PROFITABLE BUSINESS =

21. Chapter 1
Introduction to Business, A Look at Wants and Needs
• Competition - the contest between
businesses to win customers
• Companies thrive on competition
• Companies have to be willing to
change/adapt with the constant
changing of the consumers’ needs and
wants
BUSINESS’S MOTIVATIONS

22. Chapter 1
Introduction to Business, A Look at Wants and Needs
BUSINESS AND YOU
• Businesses make many decisions
that impact you
• However, you also affect business

23. Chapter 1
Introduction to Business, A Look at Wants and Needs
YOU AS A CONSUMER
• A consumer is a person who
selects, purchases, uses, or
disposes of goods or services
• Businesses affect you when they
discontinue products – how does
this affect you?

24. Chapter 1
Introduction to Business, A Look at Wants and Needs
• When a company is slow to respond
to customers’ complaints and doesn’t
communicate very well (BAD
SERVICE), customers usually find
another company’s product to buy
YOU AS A CONSUMER

25. Chapter 1
Introduction to Business, A Look at Wants and Needs
• Consumers and Business interact to
“change and innovate” the way we
do things
• Examples:
YOU AS A CONSUMER

26. Chapter 1
Introduction to Business, A Look at Wants and Needs
YOU AS A WAGE EARNER
• Businesses hire people to work
• When you’re an employee, your
quality of work, decision-making skills,
and input to problems help a business
flourish and reflects on how the
company looks

27. Chapter 1
Introduction to Business, A Look at Wants and Needs
HOW THIS WILL HELP YOU
• When you become a business
owner, manager, or employee,
you’ll need business knowledge to
make informed decisions
• The more education you have,
the better your income,to satisfy
your wants and needs.

28. Chapter 1
Introduction to Business, A Look at Wants and Needs
• HOMEWORK
– Chapter 1 Review (Page 16)
– Questions 2-7

29. Chapter 1
Introduction to Business, A Look at Wants and Needs
• What do you like?
• Where do you want to work?
• Corporate or Entrepreneurship?
• Outside vs. Inside?
• Your wants and needs…
THINGS TO THINK ABOUT…

30. Chapter 1
Introduction to Business, A Look at Wants and Needs
How are colleges going to meet the
increased demand for continuing
education courses?
continued

31. Chapter 1
Introduction to Business, A Look at Wants and Needs
Why is diversity an important
stimulus to the workforce?

32. End of Chapter 1
A Look at Wants and Needs