Chapter 1 Basic Economic Concepts Section 1.1 A Look at Wants and Needs.

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Presentation transcript:

Chapter 1 Basic Economic Concepts Section 1.1 A Look at Wants and Needs

Bell Ringer Activity Things I need to survive include _______. Things I want include ________. How do you distinguish between your needs and wants?

Read to Learn State the differences between wants and needs. Describe how resources limit the number of wants people and businesses can satisfy. Explain how to use the decision-making process to make the most of your resources.

The Main Idea Businesses make money by offering goods and services to satisfy the wants and needs of consumers and other businesses. In this way, wants and needs drive the U.S. economy.

Key Concepts Wants and Needs Drive the Economy How Resources Limit the Ability to Satisfy Wants and Needs Making the Most of Your Resources

Which of these things do you want? Which do you need? Graphic Organizer Suppose you had $10. You could buy lunch or go to a movie. Lunch Movie Need Want

Wants and Needs Drive the Economy Businesses make money by satisfying the wants and needs of consumers and other businesses. In this way, wants and needs drive the economy.

An Abundance of Wants and Needs Wants and needs determine what products and services businesses provide. wants things that you do not have to have to survive needs things that you must have to survive

Graphic Organizer Basic Needs Private Wants Food Water Shelter A family may want a new kitchen table A business may want a new computer system Highways Hospitals Public Needs Public Wants Public Libraries Parks

Satisfying Wants and Needs Businesses provide goods and services to satisfy the wants and needs of businesses and consumers. goods physical products services tasks that businesses perform for consumers

How Resources Limit the Ability to Satisfy Wants and Needs No one has enough resources to satisfy all of their wants. resources items that people can use to make or obtain what they need or want

Making the Most of Your Resources You can make the most of your resources by making careful decisions about what to buy.

The Decision-Making Process Step 1 Step 2 Step 3 Step 4 Step 5 Evaluate the decision. Identify the situation. Identify possible courses of action. Determine the pros and cons. Make the decision. Figure 1.1