Introduction to Business



Principles of Business, Marketing, & Finance

UNIT 1

“The Economy and You”

Chapter 1 -A Look at Wants and Needs:

ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:

What is the economic difference between wants and needs and give an example of each?

Wants-

Example:

-also called a _____________ item

Needs-

Example:

-also called a ______________ item

List 3 products that you want and why do you want that particular product?

1.

2.

3.

List 3 products that you need ?

1.

2.

3.

___________________ wants and needs and ______________ resources make up the basic

premise of economics:_____________

ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:

Economic Industries:

What is the difference between consumers and producers?

Consumers-

Who are the consumers?

Producers-

Who are the producers?

Producers- 2 types

1)Products- Tangible Goods (example- MP3 player)

2)Services- Intangible- Specific functions that are provided (example- Chase Bank)

ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:

2/3 of the US economic industry is in ______________________

List a product that you often use and who makes that product:

What makes this product better than the competition-

List a service that you often use and who provides that service:

What makes this service better than the competition-

NAME____________________________________

Principles of Business, Marketing, & Finance

Chapter 1 “A Look at Wants and Needs”

Definitions:

Wants-

vs.

Needs-

Goods-

vs.

Services-

Business-

Profit-

vs.

Competition-

Consumer-

Learning Objective Questions:

1. State the difference between wants and needs:

2. Describe how limited resources relate to wants:

3. List the two factors that motivate businesses:

4. Explain the relationship between business and you:

Principles of Business, Marketing, & Finance

CHAPTER 1 – “A LOOK AT WANTS AND NEEDS”

FAST REVIEW DISCUSSION QUESTIONS

FAST REVIEW (PG 9)

What is the difference between public wants and private wants?

List an example of each-

List the 5 steps in a decision-making process:

1.

2.

3.

4.

5.

FAST REVIEW (PG 12)

Explain the functions of business:

List the business activities that happen behind every product or service:

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

FAST REVIEW (PG 13)

Why is it important to understand business today?

How will knowledge help your career?

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