1. What drives our purchase decisions?

2. List everything you have with you at the moment. Include what is in your backpack/and or pocketbook. DO NOW

3. Video What are your wants and needs video http://www.youtube.com/watch?v= VY6UdMnf4KE

4. Wants/Needs Wants – thing that makes life enjoyable, but don’t really need Public want – wants of a large group. Usually governments/state/town/city pays for these (i.e. Lakeland HS wants all new computers) Private wants – wants of an individual or small group. (I.e. car, pool) You need to pay. Needs – something necessary to sustain life.

5. Goods vs. services Good – physical thing that you can touch and feel Service – a task performed for you Producer – individuals and organizations that determine what products and services will be available for sale Consumer – a person who buys and uses goods and services

6. Supply and Demand Demand – the quantity of a good or service that consumers are willing and able to buy. Supply – the quantity of a good or service that businesses are willing and able to provide Market price – the point where supply and demand are equal True or False – the greater the demand the higher the price

7. http://www.youtube.com/watch?v =AyyvFASW6Nwhttp://www.youtube.com/watch?v =AyyvFASW6Nw

8. Goods and Services provided by a producer Rohsler’s Allendale Nursery Buy flowers for my garden (good) II want to have mulch delivered (Service) I need mulch (good) Producer

9. Goods and Services provided by a producer

10. Assessment 1.A good is something that______ a.You can use b.You can touch c.Satisfies wants d.All of the above (d)

11. Assessment 2.A service is___________-- a.A job you do for others b.Paid for by a consumer c.Satisfies wants d.All of the above (d)

12. Assessment True or False 3.Everything we purchase to satisfy our wants is either a good or a service (T) 3.Many goods are made from natural resources (T)

13. Assessment – match service to the producer Veterinarian Police officer Stylist Teacher Lifeguard Keeps pets healthy Keeps beaches safe Helps children learn Keeps neighborhood safe Gives haircuts