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Lesson 2.1 Entrepreneurs Satisfy Needs and Wants

Lesson 2.1 Entrepreneurs Satisfy Needs and Wants. Goals Distinguish between needs and wants. Describe the types of economic resources. Describe the role of entrepreneurs in the U.S. economy. Terms. needs wants economic resources. Is It a Need or a Want?. needs

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Lesson 2.1 Entrepreneurs Satisfy Needs and Wants

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  1. Lesson 2.1Entrepreneurs Satisfy Needs and Wants Goals • Distinguish between needs and wants. • Describe the types of economic resources. • Describe the role of entrepreneurs in the U.S. economy. Chapter 2

  2. Terms • needs • wants • economic resources Chapter 2

  3. Is It a Need or a Want? • needs • things that are necessary for survival • wants • things you think you must have in order to be satisfied • add comfort and pleasure to your life Chapter 2

  4. The role of business is to produce and distribute goods and services that people need and want. Chapter 2

  5. Needs • Maslow’s hierarchy of needs states that: • People’s basic psychological needs must be satisfied before they can focus on higher level needs. Chapter 2

  6. Chapter 2

  7. needs • vary from individual to individual • vary by situation Chapter 2

  8. Wants • economic wants • a desire for material goods and services • are the basis of an economy • clothing • housing • hairstyling • noneconomic wants • nonmaterial things • sunshine • fresh air • happiness Chapter 2

  9. Needs and Wants are Unlimited • Needs and wants are infinite. • Satisfying one need or want may trigger a new need or want. Chapter 2

  10. What is the difference between needs and wants? Chapter 2

  11. Economic Resources • economic resources • the means through which goods and services are produced • goods • products you can see and touch • services • activities that are consumed as they are produced Chapter 2

  12. Entrepreneurs use economic resources to create the goods and services consumers use. Chapter 2

  13. Factors of Production • natural resources • raw materials supplied by nature • human resources • the people who create goods and services • capital resources • the assets invested in the production of goods and services Chapter 2

  14. Limited Resources • Economic resources are limited. • Individuals, businesses, and countries compete for resources. • High demand for a limited resource drives up the price for the resource. Chapter 2

  15. List the three types of economic resources and give an example of each. Chapter 2

  16. Role of Entrepreneurs in the U.S. Economy • Entrepreneurs are the backbone of the U.S. economy. • The development of small businesses helps to ensure a strong economic future. Chapter 2

  17. Supply and Demand • Entrepreneurs look for unmet needs to satisfy consumer needs and wants. Chapter 2

  18. Capital Investment and Job Creation • Entrepreneurs contribute to their local communities through: • investment • job creation Chapter 2

  19. Change Agents • The creation of new products can: • change the way people live • alter the way people conduct business • As entrepreneurs create more goods and services, the needs and wants of consumers increase. Chapter 2

  20. What are some things entrepreneurs contribute to the U.S. economy? Chapter 2

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