This document summarizes the key differences between wants and needs, how limited resources relate to satisfying wants and needs, and how business plays a role. It defines wants as things you wish to have but do not need to survive, while needs are things required for survival like food, shelter, and clothing. It explains how goods, services, and resources are used to satisfy wants and needs, but resources are limited. Finally, it outlines how business seeks to make a profit by providing goods and services to satisfy people's wants and needs within a competitive market, and how individuals can participate in business as consumers, employees, or owners.

1. Chapter 1 Wants and Needs

2. SWBAT(Students will be able to) State difference between wants and needs Identify the difference between goods and services Describe how limited resources relate to wants Explain how business will be part of their life

3. What are these? Million dollars New car Chocolate cake Presentationpro.com iStockphoto.com iStockphoto.com

4. Wants Things you wish you could have Two types Public – provided by government Can be local, state, or federal Private – provided by yourself

5. Public Examples Safe highways in good working conditions Safe streets to walk on Safe drinking water Good education

6. What is this? http://www.whale.to/a/american_food_pyramid.html

7. Needs Something you have to have to survive NO your cellphone doesn’t count Examples: Food Shelter Clothing

8. How do we satisfy wants and needs? Goods Services

9. Goods Something that you can see or touch

10. Service Task that people or machines perform lawyer haircut

11. How do we get goods and services? Resources Anything you can use to get goods and services. Examples: Labor Money, money, money

12. Any of you face this? Unlimited wants, limited resources I want, I want, but I don’t have any money to buy Many people face this dilemma in different situations Individuals Companies Nations

13. In our head Decision-making process Identify the problem List the alternatives Determine the pros and cons Make the best decision Evaluate your decision

14. How do we get most goods and services? Business – activity that seeks profit by providing goods or services to others What is profit? Money left over after all expenses are paid for. Examples? Some business owners become wealthy Can you name a business owner and their business?

15. Business Activity Organize the people and equipment Manage the resources Produce a product Market the product

16. Competition Contest between businesses to win customers Name business and their competitors?

17. How do you fit in business? Consumer Employee Owner

18. Summary The more you know about business the better off you will be. You will be involved in businesses everyday.