Q: BUSINESS ECONOMICS WANTS VS. NEEDS It's just human. We all have the jungle inside of us. We all have wants and needs.

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Q:
BUSINESS ECONOMICS WANTS VS. NEEDS
It's just human. We all have the jungle inside ofus. We all have wants and needs.
—Diane Frolov and Andrew Schneider
In business, one way to make a profit is to identify the wantsand needs of the public and persuade people to spend their dollarson them. The profit a business makes is the amount of moneyleft after paying to produce its goods or services.
A simple rule to remember is that a good is a tangible item anda service is a thing or action that people or machinesperform. Business survives and thrives by selling goods andservices.
OBJECTIVES
VOCABULARY
decision-making process
the cognitive process of reaching a decision
goods
articles of trade; wares; merchandise
needs
things that are necessary
profit
the monetary surplus left to a producer or employer afterdeducting wages, rent, cost of raw materials, and other costs
services
the providing or a provider of accommodation and activitiesrequired by the public
wants
things you desire greatly, wish for
WANTS AND NEEDS
The most basic concept of economicsis needs vs. wants. Butwhat are they?
Needs
A need is not negotiable. You have to have it in order tosurvive. Oxygen, food, water, and shelter are allneeds. On the other hand, a want is something that is notnecessary for daily survival. Cars, makeup, activities,sports, and designer clothing are wants.
Wants can improve the quality of life, of course, but life wouldgo on without them.
Budgeting
Have you ever created a budget? How about yourparents? Do you believe they can be helpful? Why or whynot?
Search the Internet and locate a budget template that seems tofit your needs.
Societal Needs
Some needs are considered societal. In other words, theyare good for the community as a whole. Community service andvolunteer work are two examples. Can you think of others?
Decision-Making Process
Determining wants and needs, trying to set a budget, anddetermining priorities are three complex actions. How can yoube sure you are making the best possible decision?
The decision-makingprocess is a five-step process that helps peopleconsider alternatives and the consequences of each decision.
You can find the steps to the decision-making process on thegraphic.
DragDrop
Instructions:
Drag the text to the appropriate column.
Click to Begin
© 2009 Glynlyon, Inc.
LET'S REVIEW!
In this lesson, you have learned that:
Match each word to its correct meaning.
1.
decision-making process
things that are necessary
2.
goods
things you desire greatly, wish for
3.
needs
the monetary surplus left to a producer or employer afterdeducting wages, rent, cost of raw materials, and other costs
4.
profit
the providing or a provider of accommodation and activitiesrequired by the public
5.
services
articles of trade; wares; merchandise
6.
wants
the cognitive process of reaching a decision
NEXT QUESTION
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Assignment
Take a critical and analytical (objective) look at yourlife. Think about your wants and needs. In two separatecolumns, list your top ten wants and your top ten needs. Foreach one, give a one-sentence explanation as to why it is a want ora need.
Next, explain why you need your needs, but don'tactually need your wants. How does this change yourperspective when considering things you want?
Design a budget using the template you researched andchose from the Internet. Allow yourself an income of $240 permonth. Assume that your housing, medical care, and food needsare covered by your parents. Everything else is covered byyou. This might include, but is not limited to: clothing,snacks, car insurance, automobile fuel, car payment, haircuts andpersonal care, toiletries, club memberships, entertainment, and anyother purchases. Designate how you will allocate the $240monthly.
Assignment Guidelines:
Share with the teacher how you used the decision-makingprocess to help with a recent difficult decision. Document thesteps you took and the outcomes. Be sure your explanation isat least 350 words and explains your process indetail.
Submission Requirements:
Budget and paper
When submitting written assignments, please rememberto: