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Wants and Needs
Wants and NeedsPart II
What Is Business?
The Wage Earner
Potpourri
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Things you wish to have are known as _____________.
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Things you wish to have are known as wants.
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A new car for the family is known as a __________.
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A new car for the family is known as a private want.
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Education, highways, and drinking water are known as ____________.
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Education, highways, and drinking water are known as public wants.
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Necessary wants are known as _______ and typically known as __________________________,__________________________,and _______________________.
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Necessary wants are known as needs and typically known as food, shelter, and clothing.
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Consumer needs trigger businesses to __________________.
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Consumer needs trigger businesses to provide certain goods and services at reasonable prices.
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TRUE/FALSE – Needs for goods and services are only from the private sector.
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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.
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Cell phones are examples of _________.
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Cell phones are examples of goods. (Goods can be physically weighed, measured, or counted)
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When I call a repair technician to work on my air conditioner, I am calling for a person to perform a _________.
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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)
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Your wants can be typically characterized as _________.
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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?)
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The more money you make, the more goods and services you ____.
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The more money you make, the more goods and services you want.
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The limitation of wants and needs can be noticed first in a lack of ________.
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The limitation of wants and needs can be noticed first in a lack of resources.
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Any activity that seeks to earn a profit by providing goods and services is known as a _____.
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Any activity that seeks to earn a profit by providing goods and services is known as a business.
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TRUE/FALSE - It is not necessary to determine demand for a product prior to introduction to the market.
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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)
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When we get down to the basics of a business, it is all about __________.
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When we get down to the basics of a business, it is all about ”turning a profit”.
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The typical business is ________ by a profit.
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The typical business is motivated by a profit.
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A contest between businesses to win customers drives the price and is known as __________.
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A contest between businesses to win customers drives the price and is known as competition.
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The _______ is a person who selects, purchases, uses, or disposes of goods or services.
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The consumer is a person who selects, purchases, uses, or disposes of goods or services.
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TRUE/FALSE – You as a consumer have no power to drive the market.
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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)
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Once you become a member of the workforce, you become known as a ________ for the business. HINT: the answer is not employee!
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Once you become a member of the workforce, you become known as a wage earner for the business.
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As an employee, the three important ‘things’ you bring to your business are:1. ________________2. ________________3. ________________
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As an employee, the three important ‘things’ you bring to your business are:1. decision-making skills2. quality of work3. input to problems
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The steps in the decision-making process are:1. ________________2. ________________3. ________________4. ________________5. ________________
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The steps in the decision-making process are:1. Identify the problem2. List the alternatives3. Determine the pros and cons4. Make the best decision5. Evaluate the decision
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Anything that people can use to make or obtain what they want or need are known as __________.
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Anything that people can use to make or obtain what they want or need are known as resources.
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Tasks that people or machines perform are known as ______.
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Tasks that people or machines perform are known as services.
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Material things that can be weighed or measured are known as _______.
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Material things that can be weighed or measured are known as goods.
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The amount of money left over after a business has paid for the cost of producing its goods and services is known as ________.
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The amount of money left over after a business has paid for the cost of producing its goods and services is known as profit.
