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Principles of Business, Marketing, & Finance
UNIT 1
“The Economy and You”
Chapter 1 -A Look at Wants and Needs:
ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:
What is the economic difference between wants and needs and give an example of each?
WantsExample:
-also called a _____________ item
NeedsExample:
-also called a ______________ item
List 3 products that you want and why do you want that particular product?
1.
2.
3.
List 3 products that you need ?
1.
2.
3.
___________________ wants and needs and ______________ resources make up the basic
premise of economics:_____________
ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:
Economic Industries:
What is the difference between consumers and producers?
ConsumersWho are the consumers?
ProducersWho are the producers?
Producers- 2 types
1)Products- Tangible Goods (example- MP3 player)
2)Services- Intangible- Specific functions that are provided (example- Chase Bank)
ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:
2/3 of the US economic industry is in ______________________
List a product that you often use and who makes that product:
What makes this product better than the competition-
List a service that you often use and who provides that service:
What makes this service better than the competition-
NAME____________________________________
Principles of Business, Marketing, & Finance
Chapter 1 “A Look at Wants and Needs”
Definitions:
Wantsvs.
Needs-
Goodsvs.
Services-
Business-
Profitvs.
Competition-
Consumer-
Learning Objective Questions:
1. State the difference between wants and needs:
2. Describe how limited resources relate to wants:
3. List the two factors that motivate businesses:
4. Explain the relationship between business and you:
Principles of Business, Marketing, & Finance
CHAPTER 1 – “A LOOK AT WANTS AND NEEDS”
FAST REVIEW DISCUSSION QUESTIONS
FAST REVIEW (PG 9)
What is the difference between public wants and private wants?
List an example of each-
List the 5 steps in a decision-making process:
1.
2.
3.
4.
5.
FAST REVIEW (PG 12)
Explain the functions of business:
List the business activities that happen behind every product or service:
How does business affect you as a consumer and as a wage earner?
FAST REVIEW (PG 13)
Why is it important to understand business today?
How will knowledge help your career?