S ATISFYING N EEDS AND W ANTS E CONOMICS By L. Durant-Adkins September 2009.
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Transcript of S ATISFYING N EEDS AND W ANTS E CONOMICS By L. Durant-Adkins September 2009.
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SATISFYING NEEDS AND WANTSECONOMICSBy L. Durant-Adkins
September 2009
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WHAT IS ECONOMICS? Production and distribution and consumption
of goods and services.
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GOODS
Goods are things you can see and touch
Goods are products to purchase to meet wants and needs
Examples are:FruitSkirt/shirtCell phonesFootballsHair bowsPansPencilsPaper
Goods
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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
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NEEDS THINGS THAT ARE REQUIRED
FoodClothingShelter
Other NeedsEducationEmploymentSafety
IncludingTransportationMedical Care
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WANTS(THINGS THAT ADD COMFORT) Designer clothing CDs Movies Small apartment
Other Wants Large house Vacation homes Sailboats Luxury vehicle
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DO NEEDS AND WANTS END?
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CHOICES
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?
Scarcity Economic Decision-Making
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CHOICES
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”
Trade-off Opportunity Cost
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CHOICESBusiness Consumers
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REVIEWING EXCEL
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COLLECTING DATA IN EXCEL SPREADSHEET
A B C D
1 IPOD $158.00
2
3
What Cell is IPOD in?