Review of chapter 1 section 1 needs and wants

• Economie

Chapter 1

Section 1: A  Look at needs and wants

Pages 6-10

Objectives

Describe needs and wants

Compare services and goods

Discuss the decision making process

What is a need and a want?

Wants are things that you do not have to have to survive, but would like to have.

Needs are things that you must have in order to survive.

What are wants that are widely shared by many people.
Examples include highways, public libraries, and parks.

1. Private Wants
2. Wants
3. Service
4. Public Wants

What is difference between public wants and private wants?

What is the difference between goods and services? Give examples.

Goods and Services

 Goods are physical products. Skates, groceries, and telephones are examples of goods.

Services are tasks that businesses perform for consumers.

These include tasks that people or machines do. 

For example, when you pay
H & R Block to prepare your taxes, you are buying a service.  Insurance, sports and entertainment, tourism, banking, and  education involve offering services

Steps of decision making 

1.Identify the problem

2.Identify possible courses of action

3.Determine the pros and cons

4.Make a decision

5.Evaluate your decision

Personal and Business Decisions

You may not use all of the steps of the decision-making process every time you buy something.

Businesses must make thoughtful decisions that are consistent with their goals.

List three reasons why the decision making process is important to use
when making choices. Then describe a decision you recently made and explain how you made it.

Answer

It is important to use the decision-making process because it

makes you consider all of your alternatives and the consequences of each alternative.

What is difference between personal and business decision when you use the decision making process?

Answer

Decisions made on personal choices.The longer a decision will affect your life, the more you need to evaluate your options and consider the possible consequences.

 Decisions made concerning business situations.Businesses must make thoughtful
decisions that are consistent with their goals. Business managers constantly make decisions

Give the important points of the lesson.