1. A Look at Wants and Need Chapter 1
Businesses satisfy peoples basic needs all the way to their lavish wants. Competition and profit motivate these businesses to continually strive for business
Chapter 1

2. Learning Objectives After completing this chapter you will be able to:
State the differences between wants and needs
Describe how limited resources relate to wants
Identify business activities that are used for products and services
List the two factors that motivate businesses
Explain the relationship between business and you.

3. Key Words Wants Needs Goods Services Resource Business Profit
Competition
Consumer

4. Business in Today’s World
How would you revamp your space if you could? On the worksheet, write your answers.
Wants and Needs of Your Sanctuary

5. Revamp Bedroom Worksheet
Amount to Spend
From $_______to $____________
Size and Shape of Bedroom
Color
Theme
Curtains
Posters
Doorway
(for example: bead curtains, hanging shapes and so on)
Closet
(for example:walk-in, organized, sliding doors, mirror, rotating clothes rack, and so on)
Extras
(for example: private bathroom, window seat, entertainment area, sitting room, fireplace,mini refrigerator, desk bookshelves, and so on)

6. An Abundance of Wants Wants are things you wish you could have.
Private wants
Mountain bike
New car
Public wants
Highways
Education

7. Satisfying Wants and Needs
Needs are necessary wants
Food, shelter and clothing
Businesses assess consumer needs and provide goods and services.
Goods can be physically weighed and measured
Services are tasks that people perform

8. Unlimited Wants, Limited Resources
Resources – anything that people can use to make or obtain what they need or want.
Examples:
Fuel timber
Labor
Money
Resources limit the number of wants people satisfy.

9. Decision-Making Process
Identify the problem
List the alternatives
Determine the pros and cons
Make the best decision
Evaluate your decision
People make the most of their resources by making the right choices about what to buy.
The decision making process is a step by step method to carefully consider alternatives that result in better choices.

10. Fast Review Define wants, needs, goods, services, and resources.
What is the difference between public wants and private wants?
List the steps in a decision-making process.

11. What is Business
Business is an activity that seeks profit by providing goods and services to others

12. Business Activities Determine opportunities for products and services
Evaluate the demand for products and services
Obtain funding set up and manages all factors for producing goods and services
Produces the goods and services
Market the goods and services
Keeps records to satisfy government requirements and analyze how to improve production and sales.
A business generally goes through a sequence of activities when developing a new or improved product or service. A busiess:

13. Business Motivations
Profit is the amount of money left over after a business has paid for the cost of producing its goods and services.
Competition – the contest between businesses to win customers

14. Business and You You as a Consumer You as a Wage Earner
A consumer is a person who selects, purchases, uses, or disposes of goods and services
You as a Wage Earner

15. Fast Review Explain the functions of business.
List the business activities that happen behind every product or service
How does business affect you as a consumer and as a wage earner?

16. Self Discovery in Business
The value of knowledge
What do you like?

17. Fast Review Why is it important to understand business today?
How will knowledge help your career?

18. Chapter 1 Review
Summary

19. Wants are things you wish you could have
Needs are things you need for survival, like food, shelter and clothing
Goods satisfy you wants and needs for material things that you can touch
Services satisfy some of your wants for things you cannot see or touch

20. Limited resources affect the number of wants

21. Business activities include determining opportunities for
Products or services
Evaluating the demand
Obtaining the funding
Setting up and managing all factors needed for production
Producing the goods or services
Keeping records

22. Both profit and competition motivate business to meet wants and needs

23. Business affects You affect business
Consumers by the products or services it decides to offer
You as a wage earner by determining the types of jobs that will be available
You affect business
What products and services you buy
How you work