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Satisfying Needs and Wants Economics

Satisfying Needs and Wants Economics. By L. Durant-Adkins September 2009. What is Economics?. Production and distribution and consumption of goods and services. Goods. Goods. Goods are things you can see and touch Goods are products to purchase to meet wants and needs.

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Satisfying Needs and Wants Economics

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  1. Satisfying Needs and WantsEconomics By L. Durant-Adkins September 2009

  2. What is Economics? • Production and distribution and consumption of goods and services.

  3. Goods Goods • Goods are things you can see and touch • Goods are products to purchase to meet wants and needs • Examples are: • Fruit • Skirt/shirt • Cell phones • Footballs • Hair bows • Pans • Pencils • Paper

  4. Services • Are activities that are consumed at the same time they are produced. • These services are INTANGIBLE • Which means no physical characteristics • Services are provided at the same time you want to consume them • Something that is done for us as a SERVICE. • Example: • Haircuts • Braiding hair • Loc hair • Car repair • Dentist appointment • Medical doctor appointment

  5. Needs THINGS THAT ARE REQUIRED • Food • Clothing • Shelter • Other Needs • Education • Employment • Safety • Including • Transportation • Medical Care

  6. Wants(Things that add comfort) • Designer clothing • CDs • Movies • Small apartment • Other Wants • Large house • Vacation homes • Sailboats • Luxury vehicle

  7. Do Needs and Wants End?

  8. Choices Scarcity Economic Decision-Making • Forces you to make choices or decisions among the alternative • Choosing things you WANT the most or can AFFORD • Example: Your part-time pay check does not allow you to purchase a pair of shoes and eat pizza and go to a movie with some friends. • What decision will you decide upon? • Choosing which wants among several will you be satisfied and to make a logical decision?

  9. Choices Trade-off Opportunity Cost • Giving up something to have something else • Example: Rather eat pizza and a movie with friends than buy the shoes • Is the value of the next best alternative • Example: Buying a “no brand” shoe than a “named brand shoe”

  10. Choices Business Consumers

  11. Reviewing Excel

  12. Collecting Data in Excel Spreadsheet COLUMNS = ALPHABETS What Cell is IPOD in? ROWS = NUMBERS

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