Introduction to Business Name ______________

Ch. 1 - A Look At Wants & Needs Date _______________

Your Choices = Business Decisions

n Why did you buy the clothing you have on?

n Reasons for purchase?

We have an abundance of WANTS

n Wants –

n Needs –

n Private Wants vs. Public Wants

Satisfying Wants & Needs with Goods & Services

Goods vs. Services

n Goods -

n Services -

Intangible vs. Tangible

n Intangible wants -

n Tangible wants -

Unlimited Wants –

n Resources -

n Limited Resources –

Deciding on Your Resources

Decision Making Process

n Step 1 –

n Step 2 –

n Step 3 –

n Step 4 –

n Step 5 –

Fast Review - pg. 9

n Define wants, needs, goods, services & resources.

n What is the difference between public wants and private wants?

n List the steps in a Decision Making Process

What is Business?

n Business:

n What business provides you with:

Wal-Mart Stores, Inc.

What Business Does?

How does this happen?

n Organize…

n Manage…

n Market…

n Think about what happens before you see your favorite soft drink in the store?

Levi Strauss & Company

Business Motivations

n Why would a person or a business supply the goods & services you want?

PROFIT -

n Profit is the:

n motivation

n reward

n Consumer wants & needs change and motivate businesses to change along with them.
(ie. )

n Competition –

n Figure 1.2 – pg. 10

The Mutual Relationship Between Business & You

n Businesses

n You

You as a Consumer

n Consumer –

n The Palm Pilot/PDA

You as a Wage Earner

n Today business gives workers more input about how things are done.

n Ask for employee input on product development/Crest Toothpaste

Fast Review – pg. 12

n Define Business.

n List the business activities that happen behind every product or service.

n How does business affect you as a consumer and as a wage earner?

Self-Discovery in Business

Before dinner you start watching the local news. A broadcast journalist talks about the price of consumer goods. A little later, the reporter mentions that a major online company filed for bankruptcy. The federal government announces a change in interest rates.

n What does this mean to you?

n What difference does it make?

n Will it influence your life, your friends, or your family?

n Do the actions of the government & business have any impact on you?

What do you need to be a wise consumer, a good employee or a successful business owner?

What do YOU like?

Fast Review – pg. 13

n Why is it important to understand business today?

n How will knowledge help your career?