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This document summarizes the key differences between wants and needs, how limited resources relate to satisfying wants and needs, and how business plays a role. It defines wants as things you wish to have but do not need to survive, while needs are things required for survival like food, shelter, and clothing. It explains how goods, services, and resources are used to satisfy wants and needs, but resources are limited. Finally, it outlines how business seeks to make a profit by providing goods and services to satisfy people's wants and needs within a competitive market, and how individuals can participate in business as consumers, employees, or owners.
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Ihor Pavlenko: 丕仗舒于仍仆仆 亳亰亳从舒仄亳 亰舒 亟仂仗仂仄仂亞仂 AI (UA)
LemBS AI PM School 2025
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Chapter 1 new
- 1. Chapter 1Wants and Needs
- 2. SWBAT(Students will be able to)State difference between wants and needsIdentify the difference between goods and servicesDescribe how limited resources relate to wantsExplain how business will be part of their life
- 3. What are these?Million dollarsNew carChocolate cakePresentationpro.comiStockphoto.comiStockphoto.com
- 4. WantsThings you wish you could haveTwo typesPublic provided by governmentCan be local, state, or federalPrivate provided by yourself
- 5. PublicExamplesSafe highways in good working conditionsSafe streets to walk onSafe drinking waterGood education
- 7. NeedsSomething you have to have to surviveNO your cellphone doesnt countExamples:FoodShelterClothing
- 8. How do we satisfy wants and needs?GoodsServices
- 9. GoodsSomething that you can see or touch
- 10. ServiceTask that people or machines performlawyerhaircut
- 11. How do we get goods and services?ResourcesAnything you can use to get goods and services.Examples:LaborMoney, money, money
- 12. Any of you face this?Unlimited wants, limited resourcesI want, I want, but I dont have any money to buyMany people face this dilemma in different situationsIndividualsCompaniesNations
- 13. In our headDecision-making processIdentify the problemList the alternativesDetermine the pros and consMake the best decisionEvaluate your decision
- 14. How do we get most goods and services?Business activity that seeks profit by providing goods or services to othersWhat is profit?Money left over after all expenses are paid for.Examples?Some business owners become wealthyCan you name a business owner and their business?
- 15. Business ActivityOrganize the people and equipment Manage the resourcesProduce a productMarket the product
- 16. CompetitionContest between businesses to win customersName business and their competitors?
- 17. How do you fit in business?ConsumerEmployeeOwner
- 18. SummaryThe more you know about business the better off you will be.You will be involved in businesses everyday.