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Understanding Business: Needs, Wants, and Supply

Learn how businesses provide goods and services to meet the basic needs and wants of individuals. Explore the concept of needs versus wants, the five basic human needs, and why wants are constantly evolving. Discover how businesses play a crucial role in satisfying desires and enhancing lives.

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Understanding Business: Needs, Wants, and Supply

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  1. What is a Business? A business is formed to provide GOODS or SERVICES Individuals have to purchase most of their goods or services as it is not possible to produce their own. CG

  2. Needs and Wants All humans have basic needs, these are essential if people are to survive. There are five basic needs, what are they? CG

  3. Five Basic Needs Clothes Shelter Five Basic Needs Food Warmth Drink CG

  4. Wants The number of wants an individual can satisfy is often limited - WHY? Very often when a want has been achieved an individual will then desire something else. Currently Want Live in a semi-detached Detached house house Sky package Sky Plus package CG

  5. Related to Business To satisfy people’s desires businesses supply goods or services to meet needs and wants. Examples CG

  6. Plenary How many of the items of your uniform are produced in the UK? Where do they come from? What is the reason for this? CG

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