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Principles of Business, Finance, and Marketing

Principles of Business, Finance, and Marketing. Unit 1: The Economy and You Chapter 1: A Look at Wants and Needs. Learning Objectives. After completing this chapter, you’ll be able to: State the differences between wants and needs Describe how limited resources relate to wants

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Principles of Business, Finance, and Marketing

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  1. Principles of Business, Finance, and Marketing Unit 1: The Economy and You Chapter 1: A Look at Wants and Needs

  2. Learning Objectives After completing this chapter, you’ll be able to: • State the differences between wants and needs • Describe how limited resources relate to wants • Identify business activities that are used for products and services • List the two factors that motivate businesses • Explain the relationship between business and you

  3. What is the difference between what you want and what you need?

  4. Wants • Wants are the things you wish you could have. • Private Wants: The things we individually wish we could have • Examples? • Public Wants: Wants that are widely shared by many people • Examples?

  5. Needs • Necessary wants • Examples?

  6. Goods • Things that can be physically weighed or measured • Goods satisfy your wants and needs for material things that you can see or touch

  7. Services • Tasks that people or machines perform • Services satisfy some of your wants for things you cannot see or touch

  8. Resource • Anything that people can use to make or obtain what they need or want

  9. Deciding on Your Resources • Step 1: Identify the problem • Step 2: List the alternatives • Step 3: Determine the pros and cons • Step 4: Make the best decision • Step 5: Evaluate your decision

  10. Business • Any activity that seeks profit by providing goods or services to others

  11. Business Activities • Determines opportunities for products or services • Evaluates the demand for the product or service • Obtains funding • Sets up and manages all the factors for producing the good or service • Produces the good or service • Markets the good or service to ensure consumers know of the item, how to get it, and what it does • Keeps records to satisfy requirements of the government and to analyze how to improve the production and sale of the good or service.

  12. Business Motivations • Profit: amount of money left over after a business has paid for the cost of producing its goods and services • Competition: contest between businesses to win customers

  13. Business and You • You as a consumer • Consumer: a person who selects, purchases, uses, or disposes of goods or services • You as a wage earner

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