Chapter 1 Business in Todays World

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Chapter 1Business in Todays World

• Ms. Radosin

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Wants and Needs

• An abundance of Wants
• Wants
• Needs
• Satisfying Wants
• Goods
• Services
• Unlimited Wants, Limited Resources
• A resource is anything that people can use to
  make or obtain what they need or want

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Making Choices

• The Cost of Choosing
• Opportunity cost
• Values and Goals
• Impact on priorities and objectives
• Importance of knowing yourself
• See top of pages 6 and 7. Business and Financial
  Support
• Activity--Check your local newspaper for jobs

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What is Business?

• It is all of the activities of an individual or
  group of individuals involved in producing and
  distributing goods and services to customers.
• All countries are involved in some manner
• Today we live in a global societyWhat does this
  mean to you personally?

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Providing Goods and Services

• Individuals have different wants and needs
• Forever changing due to technology advancements
• Information services growing rapidly due to
  technology that our era is frequently referred to
  as the information age.

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What Business Does

• Organizes people and machinery to provide a
  product or service
• Manages human, financial, and production
  resources
• Produces product/service
• Markets product/service to customer

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Resources Businesses Use

• Balances the use of resources
• Decisions are made on getting the most out of the
  resources available

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Decision Making Process

• Identify the problem
• List the alternatives
• Determine the pros and cons
• Make the best decision
• Evaluate your decision
• Ms. Radosin will demonstrate the steps in class

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Use the Decision Making Process

• ProblemYou need to buy a used car for 5,000.
• With a partner, walk yourself through the 5 steps.

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You and the Business World

• Your role as a customer
• You have the power
• Your role as a wage earner
• Why do you work?
• Why do others work?
• Your role as a citizen
• Participate in governmentIt is your duty to
  VOTE!
• Pay taxes

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From School to Work

• School is where you can learn knowledge, skills,
  and training
• Ability is any physical or mental activity that
  an individual performs well
• Aptitude is a natural talent
• Exposure is important
• Students should research careers by using career
  clusters that places a group of related
  occupations in an industry or field that requires
  similar skills and aptitudes. See page 16.

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The End