110 pt15 pt20 pt25 pt5 pt10 pt15 pt20 pt25 pt5 pt10 pt15 pt20 pt25 pt5 pt10 pt15 pt20 pt25 pt5 pt10 pt15 pt20 pt25 pt5 ptWants and NeedsWants and NeedsPart IIWhat Is Business?The Wage EarnerPotpourri2Things you wish to have are known as _____________.3Things you wish to have are known as wants.4A new car for the family is known as a __________.5A new car for the family is known as a private want.6Education, highways, and drinking water are known as ____________.7Education, highways, and drinking water are known as public wants.8Necessary wants are known as _______ and typically known as __________________________,__________________________,and _______________________.9Necessary wants are known as needsand typically known as food, shelter, and clothing.10Consumer needs trigger businesses to __________________.11Consumer needs trigger businesses to provide certain goods and services at reasonable prices.12TRUE/FALSE –Needs for goods and services are only from the private sector.13FALSE–Needs for goods and services are only from the private sector. Remember that publicwants play an important role in our economy. Look at page 7 to determine some of the public wants in our economy.14Cell phones are examples of _________.15Cell phones are examples of goods. (Goods can be physically weighed, measured, or counted)16When I call a repair technician to work on my air conditioner, I am calling for a person to perform a _________.17When I call a repair technician to work on my air conditioner, I am calling for a person to perform a service. (Satisfying a want for “things” which you cannotsee or touch)18Your wants can be typically characterized as _________.19Your wants can be typically characterized as unlimited.(Do you „want‟ a new to you car, a cell phone, new clothes, new computer/video games?)20The more money you make, the more goods and services you ____.21The more money you make, the more goods and services you want.22The limitationof wants and needs can be noticed first in a lack of ________.23The limitationof wants and needs can be noticed first in a lack of resources.24Any activity that seeks to earn a profit by providing goods and services is known as a _____.25Any activity that seeks to earn a profit by providing goods and services is known as a business.26TRUE/FALSE -It is not necessary to determine demand for a product prior to introduction to the market.27FALSE-It is not necessary to determine demand for a product prior to introduction to the market.(It is necessary to determine consumer demand to ensure that the product which is produced will sell in the market economy)28When we get down to the basics of a business, it is all about __________.29When we get down to the basics of a business, it is all about ”turning a profit”.30The typical business is ________ by a profit. 31The typical business is motivatedby a profit.32A contest between businesses to win customers drives the price and is known as __________.33A contest between businesses to win customers drives the price and is known as competition.34The _______ is a person who selects, purchases, uses, or disposes of goods or services.35The consumeris a person who selects, purchases, uses, or disposes of goods or services.36TRUE/FALSE –You as a consumer have no power to drive the market.37FALSE–You as a consumer have no power to drive the market.(If the consumer stops purchasing a good or service, the demand drops which can lower the price, and possibly the product will be discontinued –see page 11)38Once you become a member of the workforce, you become known as a ________ for the business. HINT: the answer is not employee!39Once you become a member of the workforce, you become known as a wage earnerfor the business.40As an employee, the three important „things‟ you bring to your business are:1. ________________2. ________________3. ________________41As an employee, the three important „things‟ you bring to your business are:1. decision-making skills2. quality of work3. input to problems42The steps in the decision-making process are:1. ________________2. ________________3. ________________4. ________________5. ________________43The steps in the decision-making process are:1. Identify the problem2. List the alternatives3. Determine the pros and cons4.Make the best decision5.Evaluate the decision44Anything that people can use to make or obtain what they want or need are known as __________.45Anything that people can use to make or obtain what they want or need are known as resources.46Tasks that people or machines perform are known as ______.47Tasks that people or machines perform are known as services.48Material things that can be weighed or measured are known as _______.49Material things that can be weighed or measured are known as goods.50The amount of money left over after a business has paid for the cost of producing its goods and services is known as ________.51The amount of money left over after a business has paid for the cost of producing its goods and services is known as profit.