Business Technology Mr. Bernstein Greene, pp 36-38: 2.1 Entreprenuers Satisfy Needs and Wants 2.3 What Affects Price? September 13, 2013.

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Business Technology Mr. Bernstein Greene, pp 36-38: 2.1 Entreprenuers Satisfy Needs and Wants 2.3 What Affects Price? September 13, 2013

Business Technology Mr. Bernstein Needs and Wants Maslow’s Hierarchy of Needs Pyramid How does this relate to margins? Economic Wants vs. Noneconomic Wants Are Needs Limited? Are Wants Limited? Economic Resources Natural Resources, Human Resources and Capital Are Economic Resources Limited? 2

Business Technology Mr. Bernstein Supply and Demand Equilibrium Price Elastic and Inelastic Demand Relationship between Supply, Demand, Price and Production Economic Resources Natural Resources, Human Resources and Capital Are Economic Resources Limited? 3

Business Technology Mr. Bernstein Costs of Doing Business Fixed vs Variable Costs High Fixed Cost Businesses: Airlines, Retail Low Fixed Cost Businesses: Tutoring Service, Computer Repair Marginal Benefit and Marginal Cost Relationship between Supply, Demand, Price and Production 4

Business Technology Mr. Bernstein Market Structure and Prices Monopoly: Standard Oil…others? Oligopoly: McDonalds, Burger King & Wendy’s Perfect Competition: Gas stations 5

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