1. Entrepreneurship: A Look at Wants and Needs
Chapter 1 and 2

2. Entrepreneur What is this? What are the risks?
A person who takes risks to start their own business.
What are the risks?
Money
Time
Property

3. Wants
Things you wish you could have.
Can add pleasure to your life.

4. Needs
Food
Shelter
Clothing
Basic Needs

5. Goods
Satisfy your wants and needs for material things you can see or touch.
Bicycle
Skates
Groceries
Cell phone

6. Services Tasks that people or machines perform.
Satisfies some of your wants for things you can’t see or touch.
Many services are provided for a fee.

7. What is Business?
Any activity that seeks profit by providing goods or services to others.

8. Economic Resources Factors of production Land (natural resources)
Labor (Human resources)
Capital (capital resources)
Entrepreneurship

9. Basic Economic Problem
Scarcity
Must make economic choices
You can’t have everything you want.

10. Businesses’ Motivation
Profit!!!
Amount of money left over after a business has paid for the cost of producing its goods and services.

11. Competition The contest between businesses to win customers.
A direct response to consumers’ wants and needs.

12. Consumer
Person who selects, purchases, uses, or disposes of goods or services.

13. Customer
Person who buys a product but doesn’t use it.

14. Business and You Businesses make decisions that impact you.
When they discontinue products
When they offer new products.
Businesses affect you as a wage earner.
Businesses hire people to make the product.

15. The Value of Knowledge
Need business knowledge to
be a wise consumer.