Entrepreneurship Unit 4, Lesson 1 Entrepreneurs Satisfy Needs and Wants Copyright © Texas Education Agency, All rights reserved 1

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NEEDS Maslow’s Hierarchy of Needs Pyramid Maslow’s Hierarchy of Needs Pyramid Physiological (food, sleep, water, shelter, air) Physiological (food, sleep, water, shelter, air) Security (physical safety and economic security) Security (physical safety and economic security) Social (friends, love, belonging) Social (friends, love, belonging) Esteem (respect and recognition) Esteem (respect and recognition) Self-Actualization (to realize your potential) Self-Actualization (to realize your potential) 3 Copyright © Texas Education Agency, All rights reserved

WANTS Economic Economic Material goods and services Material goods and services Basis of an economy Basis of an economy Clothing, housing, cars Clothing, housing, cars Hair styling, medical care, airline tickets Hair styling, medical care, airline tickets Non-economic Non-economic Sunshine Sunshine Fresh air Fresh air Exercise Exercise Friendship Friendship Happiness Happiness Copyright © Texas Education Agency, All rights reserved 4

Needs and Wants Needs and wants are unlimited. Needs and wants are unlimited. Needs and wants are only limited by the minds of consumers. Needs and wants are only limited by the minds of consumers. Many purchases are related to additional purchases. Many purchases are related to additional purchases. Businesses respond to needs and wants when they can make a profit. Businesses respond to needs and wants when they can make a profit. Copyright © Texas Education Agency, All rights reserved 5

Economic Resources Factors of Production Factors of Production Natural resources Natural resources Human resources Human resources Capital resources Capital resources Resources are Limited Resources are Limited Copyright © Texas Education Agency, All rights reserved 6

Role of Entrepreneurs in the U.S. Economy Supply goods and services to meet consumer demands Supply goods and services to meet consumer demands Provide capital investment Provide capital investment Create jobs Create jobs Act as change agents Act as change agents Copyright © Texas Education Agency, All rights reserved 7

Assignments #1 and #2  Maslow’s Hierarchy of Needs Pyramid Poster: Design a poster that shows Maslow’s Hierarchy of Needs Pyramid. The pyramid should be large enough to include personal pictures to represent each category in the pyramid. This project will be evaluated for content, understanding, and format using a rubric.  Factors of Production Multimedia Project: Choose a business and make a list of the resources that the business uses for each factor of production. Then prepare a PowerPoint presentation to cover the details for this project. This project will be evaluated for content, understanding, and format using a rubric. Copyright © Texas Education Agency, All rights reserved 8

Assignment # 3  Entrepreneurship Game: Prepare an Entrepreneurship warm-up activity for elementary students. The purpose of the game is to distinguish the difference between goods and services. Collect pictures of goods and services to put on place cards; elementary students must be able to distinguish between goods and services by categorizing the pictures correctly. The second entrepreneurship activity involves gathering pictures of famous entrepreneurs related to food, restaurants, cartoons, etc., recognized by elementary students. Elementary students will guess the name of the entrepreneur and explain the individual’s claim to fame. This project will be evaluated for content, format, understanding, and creativity using a rubric. Copyright © Texas Education Agency, All rights reserved 9