Needs Versus Wants

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Needs Versus Wants
Q. What do you really need? Task You have 2
minutes to get with your partner and generate a
list of 10 Needs.
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Needs Versus Wants
Needs you must have in order to survive
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Needs Versus Wants
Q. What do you really want? Task You have 2
minutes to get with your partner and generate a
list of 10 Economic Wants.
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Needs Versus Wants
Wants You do not have to have to survive, but
would like to have
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Private wants vs. Public Wants

• Private wants are those that come out of the
  private sector. Basically, private wants are
  anything that individuals and/or businesses seek
  to purchase.
• Examples kitchen table, advanced computer system

• Public wants are those that come out of the
  public sector. Public wants are anything that the
  government seek to purchase.
• Examples highways, public libraries, and parks

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GOODS VS SERVICES

• Goods physical products
• Examples Skates, groceries, telephones
  (anything tangible)

• Services tasks that businesses perform for
  consumers
• Examples Insurance, sports and entertainment,
  tourism, banking, and education (intangible)

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RESOURCES

• Items that people can use to make or obtain what
  they need or want
• Examples money, fuel, and labor
• Limit the number of needs and wants people can
  satisfy
• Explanation You want a new pair of jeans and a
  new camera. You only have enough money to buy
  one. Businesses and governments are influenced by
  the same problem. They lack the resources to do
  all the things that they want to do. To make the
  best use of limited resources, determine what
  your needs are and satisfy them first.

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NEEDS VS WANTS

• http//www.teachertube.com/viewVideo.php?video_id
  82319

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DECISION-MAKING PROCESS

• HELP YOU MAKE GOOD CHOICES
• HELPS YOU TO IDENTIFY AND CONSIDER YOUR VARIOUS
  ALTERNATIVES AND THEIR CONSEQUENCES BEFORE YOU
  MAKE A FINAL DECISION
• SOMETIMES YOU MAY NOT USE ALL OF THE STEPS WHEN
  MAKING DECISIONS

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DECISION-MAKING PROCESS

• Example of when you probably will not use all
  steps
• Example of when you probably will use all steps

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Current event video

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  82504578454760153668062.html?modCRE_student_LEFTT
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