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S ATISFYING N EEDS AND W ANTS E CONOMICS By L. Durant-Adkins September 2009.

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Presentation on theme: "S ATISFYING N EEDS AND W ANTS E CONOMICS By L. Durant-Adkins September 2009."— Presentation transcript:

1 S ATISFYING N EEDS AND W ANTS E CONOMICS By L. Durant-Adkins September 2009

2 W HAT IS E CONOMICS ? Production and distribution and consumption of goods and services.

3 G OODS Goods are things you can see and touch Goods are products to purchase to meet wants and needs Examples are: Fruit Skirt/shirt Cell phones Footballs Hair bows Pans Pencils Paper Goods

4 S ERVICES Are activities that are consumed at the same time they are produced. These services are INTANGIBLE Which means no physical characteristics Services are provided at the same time you want to consume them Something that is done for us as a SERVICE. Example: Haircuts Braiding hair Loc hair Car repair Dentist appointment Medical doctor appointment

5 N EEDS THINGS THAT ARE REQUIRED Food Clothing Shelter Other Needs Education Employment Safety Including Transportation Medical Care

6 W ANTS (T HINGS THAT ADD COMFORT ) Designer clothing CDs Movies Small apartment Other Wants Large house Vacation homes Sailboats Luxury vehicle

7 D O N EEDS AND W ANTS E ND ?

8 Business to Operate Need S teel PlasticGasolineComputersElectricitySecurityEquipment Accounta nts Consumers Buy WatchesTelevisionsComputersEat at restaurantsGo on vacationsCarHomes Car r epairs Businesses Supply the Goods and Services thatmeetBusiness andConsumerWantsand Need s

9 C HOICES Forces you to make choices or decisions among the alternative Choosing things you WANT the most or can AFFORD Example: Your part-time pay check does not allow you to purchase a pair of shoes and eat pizza and go to a movie with some friends. What decision will you decide upon? Choosing which wants among several will you be satisfied and to make a logical decision? Scarcity Economic Decision- Making

10 C HOICES Giving up something to have something else Example: Rather eat pizza and a movie with friends than buy the shoes Is the value of the next best alternative Example: Buying a no brand shoe than a named brand shoe Trade-offOpportunity Cost

11 C HOICES BusinessConsumers

12 R EVIEWING E XCEL

13 C OLLECTING D ATA IN E XCEL S PREADSHEET ABCD 1IPOD$ What Cell is IPOD in?


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