1 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt Wants and Needs Part II What Is Business? The Wage Earner Potpourri

2 Things you wish to have are known as _____________.

3 Things you wish to have are known as wants.

4 A new car for the family is known as a __________.

5 A new car for the family is known as a private want.

6 Education, highways, and drinking water are known as ____________.

7 Education, highways, and drinking water are known as public wants.

8 Necessary wants are known as _______ and typically known as __________________________, __________________________, and _______________________.

9 Necessary wants are known as needs and typically known as food, shelter, and clothing.

10 Consumer needs trigger businesses to __________________.

11 Consumer needs trigger businesses to provide certain goods and services at reasonable prices.

12 TRUE/FALSE – Needs for goods and services are only from the private sector.

13 FALSE – Needs for goods and services are only from the private sector. Remember that public wants play an important role in our economy. Look at page 7 to determine some of the public wants in our economy.

14 Cell phones are examples of _________.

15 Cell phones are examples of goods. (Goods can be physically weighed, measured, or counted)

16 When I call a repair technician to work on my air conditioner, I am calling for a person to perform a _________.

17 When I call a repair technician to work on my air conditioner, I am calling for a person to perform a service. (Satisfying a want for things which you cannot see or touch)

18 Your wants can be typically characterized as _________.

19 Your wants can be typically characterized as unlimited. (Do you want a new to you car, a cell phone, new clothes, new computer/video games?)

20 The more money you make, the more goods and services you ____.

21 The more money you make, the more goods and services you want.

22 The limitation of wants and needs can be noticed first in a lack of ________.

23 The limitation of wants and needs can be noticed first in a lack of resources.

24 Any activity that seeks to earn a profit by providing goods and services is known as a _____.

25 Any activity that seeks to earn a profit by providing goods and services is known as a business.

26 TRUE/FALSE - It is not necessary to determine demand for a product prior to introduction to the market.

27 FALSE - It is not necessary to determine demand for a product prior to introduction to the market. (It is necessary to determine consumer demand to ensure that the product which is produced will sell in the market economy)

28 When we get down to the basics of a business, it is all about __________.

29 When we get down to the basics of a business, it is all about turning a profit.

30 The typical business is ________ by a profit.

31 The typical business is motivated by a profit.

32 A contest between businesses to win customers drives the price and is known as __________.

33 A contest between businesses to win customers drives the price and is known as competition.

34 The _______ is a person who selects, purchases, uses, or disposes of goods or services.

35 The consumer is a person who selects, purchases, uses, or disposes of goods or services.

36 TRUE/FALSE – You as a consumer have no power to drive the market.

37 FALSE – You as a consumer have no power to drive the market. (If the consumer stops purchasing a good or service, the demand drops which can lower the price, and possibly the product will be discontinued – see page 11)

38 Once you become a member of the workforce, you become known as a ________ for the business. HINT: the answer is not employee!

39 Once you become a member of the workforce, you become known as a wage earner for the business.

40 As an employee, the three important things you bring to your business are: 1. ________________ 2. ________________ 3. ________________

41 As an employee, the three important things you bring to your business are: 1. decision-making skills 2. quality of work 3. input to problems

42 The steps in the decision-making process are: 1. ________________ 2. ________________ 3. ________________ 4. ________________ 5. ________________

43 The steps in the decision-making process are: 1. Identify the problem 2. List the alternatives 3. Determine the pros and cons 4. Make the best decision 5. Evaluate the decision

44 Anything that people can use to make or obtain what they want or need are known as __________.

45 Anything that people can use to make or obtain what they want or need are known as resources.

46 Tasks that people or machines perform are known as ______.

47 Tasks that people or machines perform are known as services.

48 Material things that can be weighed or measured are known as _______.

49 Material things that can be weighed or measured are known as goods.

50 The amount of money left over after a business has paid for the cost of producing its goods and services is known as ________.

51 The amount of money left over after a business has paid for the cost of producing its goods and services is known as profit.