Unit 1 Basic Economy and You

Wants and Needs
Everyone has wants and needs. 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. People use resources to make or obtain what they need or want. Resources limit the number of needs and wants people can satisfy. The decision-making process can help you make good choices and make the most of your resources by considering alternatives and their consequences. The longer a decision will affect your life, the more you need to consider all of the possible consequences.

Business Tasks
Businesses supply good and services with the motivation of making profits. Companies thrive on competition, the contest between businesses undertake these activities: identifying opportunities, evaluating demand, obtaining money, managing production, marketing to consumers and buinesses, and keeping records. Consumers affect businesses by deciding what kind of goods and services to buy. Businesses affect consumers by making decisions about what products and services to offer and by providing jobs.


BLOG - Reflection:
Explain the difference between wants and needs. Describe how resources limit the number of wants people and businesses can satisfy. Explain how to use the decision-making process to make the most of your resources. Explain how profit and competition motivate businesses.