1. Business in Today’s World
Chapter 1

2. Learning Objectives Explain the differences between wants and needs.
Discuss what businesses do to provide goods and services.
Describe some steps in planning for a career.
Identify some jobs and skills in business and financial operations.
Explain the steps in the decision-making process.

3. Wants and Needs 10 things they do not have and would like to have
Classify them as individual or societal want
Public Want
Private Want
Classify as necessity or not

4. Wants and Needs Define Want Define Need
Explain the difference between the two
Examples
Alaska vs. desert needs
Preble Co. vs. Las Vegas

5. Satisfying Wants and Needs
Goods vs. Services
Wants not measured in terms of money
Respect, recognition, love, etc.
Good or Service?
Automatic car wash
Health club
Hot dog stand
Movie theatre
Supermarket
Pet shop

6. Unlimited Wants, Limited Resources
Define Resource
Resources in the room
How does each resource help satisfy the need of education?
Never enough resources for all our needs
The wants we satisfy is limited to our own resources

7. Unlimited Wants, Limited Resources
New shoes or new MP3 player?
School levies?
Wants and needs of a school
Community’s view of use of its resources

8. Making Choices Tough to please everyone Compromise within groups
Awarded $100 for best marketing campaign for volleyball
10 min to decide how group will spend the money
Every member has an equal voice
Explain your plan and how you arrived at the decision

9. Making Choices “Limited Resources = Must Make a Choice
Which want do we satisfy 1st?
New laptop or skiing in Colorado?
Making decisions is an important part of life and each decision will impact your life in certain ways.

10. Making Choices
Process in which you determine what wants and needs to meet a particular time
Setting Priorities
Opportunity Costs
Not always monetary
Study for Intro quiz or hang out with friends
Business opportunity costs
Grocery store

11. Making Choices
For the next week, I want you to chart what you purchase for entertainment or recreational purposes.
What were the opportunity costs of each purchase?

12. Values and Goals Values Goals Where do they come from
Values guide in decision making
Goals
Tell about your values
Short vs. long term
When goals conflict, you must make choices

13. Values and Goals On a sheet of paper, write down 2 personal goals.
Identify the underlying values of those goals.
Now write a short paragraph describing how your values have influenced and how they plan to achieve your goals.
Turn in

14. What is Business? What is Business? What is the goal of business?
What is your role do you play in deciding what businesses produce?
What causes you to lose interest in a product?

15. What is Business? Role of Marketing Research
Businesses evaluate their resources and make decisions on how to use them effectively
Global business

16. Providing Goods and Services
Businesses change G&S to meet the wants and needs of the people
New businesses created as a result of peoples wants and needs
Baby Boomers & SUV’s
Internet
How has technology affected business?

17. What Do Businesses Do? Business Activities
Organizing
Managing
Producing
Marketing
What methods do marketers and advertisers use to appeal to teenage consumers?
In your opinion, are these marketing strategies working?

18. What Do Businesses Do?
Which stage focuses on the behavior of consumers?
Which stage plans for production of the product?
Get into groups of 2-3 and think about a product to “produce”. Draw a flow chart showing the organizing, managing, producing, and marketing stages)

19. Resources Businesses Use
Examples: Salesperson, Building, Factories around the world, Energy, Materials, People with ideas (innovation)
Businesses must balance their resources
Think of a local business and brainstorm all of the resources it uses.
Be sure to include everything, such as land, energy, ect.

20. You and the Business World
Role as a Consumer
Buying power
As you grow older income and buying power increases
You support companies when you buy their products and services
Discontinued products
Why are they no longer available

21. You and the Business World
Role as a Wage Earner
Advantages of having a job
As you grow older, your job responsibilities will increase
What do you work for?
As you make decisions about your career, consider:
your skills
the job market
your personality
and your interests

22. You and the Business World
Role as a Citizen
Privilege to participate in U.S. gov’t
How?
Paying taxes
Why does gov’t collect taxes?
How are schools funded?

23. From School to Work Work offering training Ability? Aptitude?
Evaluate abilities and aptitudes when deciding on a career
Break up into groups and choose to be pro or con on this statement.
“It is important to make a lot of money than to find a job that you enjoy.”
Summarize your feelings and be prepared to share with the class.

24. From School to Work
It is important to match your abilities, aptitudes, values, goals, and interests when choosing a career b/c happiness and success are more likely to follow.