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1、Introduction to Business,Wants and Needs Drive the Economy,Wants are things that you do not have to have to survive, but would like to have. Needs are things that you must have in order to survive.,Wants and Needs Drive the Economy,List things you want in the WANTS column and things you need in the
2、NEEDS column.,Wants and Needs Drive the Economy,Do you consider spending time with family a want or a need?,Wants and Needs Drive the Economy,Private wants A group of people share the same wants. Individual people also have private wants.Public wants Wants widely shared by many people.,Satisfying Wa
3、nts and Needs,Businesses provide goods and services to satisfy wants and needs. Goods are physical products. Services are tasks that businesses perform for consumers. If you want to have a cell phone to call back home, what you need to pay for?,How Resources Limit the Abilityto Satisfy Wants and Nee
4、ds,Most people have unlimited wants for goods and services. Few people have enough resources to satisfy all of their wants. Resources are items that people can use to make or obtain what they need or want.,How Resources Limit the Abilityto Satisfy Wants and Needs,Resources limit the number of needs
5、and wants people can satisfy. Example:You may want a new pair of jeans and a new camera. You may have only enough money to buy one of these two things.,Making the Most of Your Resources,Every day you make choices about how you will spend your resources to satisfy your needs and wants. You can make t
6、he most of your resources by making the best choices about what to buy.Explain: How can you make the most of your resources?,The Decision-Making Process,The Decision-Making Process,What major decisions have you made recently? What is it?Why and how do you make it?Use the Decision-Making Process to r
7、edo it. Would you make the same decision?,The Decision-Making Process,Personal Decision Making You may not use all of the steps of the decision-making process every time you buy something. When you decide to buy orange juice, you may always buy the same brand, such as Tropicana. The longer a decisio
8、n will affect your life, the more careful you need to evaluate your options and consider the possible consequences.,The Decision-Making Process,Business Decision Making Competition among businesses is intense. For this reason, businesses must decide how to best use and conserve their resources. Busi
9、nesses must make thoughtful decisions that are consistent with their goals. Higher-level business managers usually make more important decisions that affect the future of their companies.,How to Define Business,Business is any commercial activity that seeks profit by providing goods and services to
10、others in exchange for money. Profit is the money left over after a business has paid the cost of providing its goods and services.,The Motive of Business: To Make a Profit,Businesses supply goods and services with the motivation of making profits. Without profit, a company cannot survive. Profit is
11、 the reward for satisfying the needs and wants of consumers and businesses. The wealth created by businesses benefits the entire community because businesses pay taxes and provide jobs.,The Significance of Competition,Companies thrive on competition！CompetitionIs the contest between businesses to wi
12、n customers.Competition is possible because companies have the freedom to produce the products they think will be the most profitable. Buyers can compete to find the best products at the lowest prices.,The Significance of Competition,The result is that goods and services are produced and sold at the
13、 lowest possible cost.,Business Activities,All the activities a business undertakes when developing products or services. They must: identify opportunities for products or services; evaluate the demand for products or services; obtain start-up money and operating capital; manage the production of go
14、ods and/or services; market the goods and/or services; keep records to satisfy government requirements and improve processes.,Business Activities,Market research is the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market. Market researc
15、h provides information that can help a business identify opportunities, analyze demand, and respond to consumer demand for goods and services.,Business and You,If you wanted to set up a restaurant near HUST Rong Cheng College, what kind of restaurant are you going to set up? What kind of food are yo
16、u going to serve?How you set the price for your food, what the price will be? Where are you going to locate your restaurant?Who will be your customers?,Business and You,Businesses make many decisions that impact consumers and customers. Consumer, The person who uses goods or services.CustomerThe person who actually pay for goods or services.,Business and You,When companies do marketing, who they marketing to? The customers? Or the consumers?,
