Business exists to satisfy consumers needs and wants, by producing goods and services. These goods and services are produced and then sold in an attempt to make profit.
We will be able to define the following terms : • Business, • Needs and Wants and • Opportunity Cost We will do this by : Discussion, and Worksheet Activity
What would you like to have? In pairs write a list of all the things you would like to have, then decide if they are Needs or Wants.
What would you like to have?
Read through the following slide, copy down the sentences and based on what we have discussed already try and fill in the gaps
• Business exists to meet our _ _ _ and _ _ _ by producing _ _ _ and _ _ _ _. • They must have the right _ _ _ _ at the right _ _ _. • This has introduced the idea of _ _ _. • We cannot always satisfy all our _ _ _ and _ _ _. • In order to have one thing, we must _ _ _ something else.
n eds wan s • Business exists to meet our _ _e _ _ _ and _ _t _ by g o o and se__ producing _ _ _ d s _ _ r v I_c. e s pr I ce • They must have the right p _ o _ _ at the right _ _ _. _ r_ duct • This has introduced the idea of _ _ y mo n e _. wan s • We cannot always satisfy all our n _ e d s and _ _t _. _ e___ • In order to have one thing, we must g _I _ e _ _ _ v_ up something else. This is what is called the OPPORTUNITY COST
To Buy Or Not To Buy That Is The Question We can’t always have everything we want. Sometimes we have to make a choice. This is known as “OPPORTUNITY COST : the next best option we could have chosen instead.
Sue receives £ 10 pocket money. She wants to go to the cinema and iceskating at the weekend. By the end of the week she only has £ 3. 50 left. She has decided to go to the cinema as the film finishes next week. Sue’s wants are: __________________ The limiting factor is: ________________ The Opportunity Cost of going to the cinema is: ______ In the same way as individuals are forced to make choices due to scarce resources, businesses and governments also have to make decisions.
Скачать презентацию Business exists to satisfy consumers needs and wants
bfcc0178910a50c1966de1e9c6465d72.ppt