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Satisfying Needs and Wants Economic Choices Economic Systems Supply and Demand

Here are two new products I found that could be successful: 1. AirPods Max headphones by Apple - Over-ear, noise-cancelling wireless headphones introduced in December 2020 for $549. Potential for success due to brand loyalty and demand for high-quality headphones. 2. Xbox Series X video game console by Microsoft - Next generation gaming console introduced in November 2020 starting at $499. Potential for success due to large existing gaming customer base and improved performance over previous Xbox models. SLIDE 14

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532 views14 pages

Satisfying Needs and Wants Economic Choices Economic Systems Supply and Demand

Here are two new products I found that could be successful: 1. AirPods Max headphones by Apple - Over-ear, noise-cancelling wireless headphones introduced in December 2020 for $549. Potential for success due to brand loyalty and demand for high-quality headphones. 2. Xbox Series X video game console by Microsoft - Next generation gaming console introduced in November 2020 starting at $499. Potential for success due to large existing gaming customer base and improved performance over previous Xbox models. SLIDE 14

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You are on page 1/ 14

CHAPTER

Economic Decisions
1 and Systems

1-1 Satisfying Needs and Wants


1-2 Economic Choices
1-3 Economic Systems
1-4 Supply and Demand

SLIDE 1
Checkpoint 
• What is the difference between a need and a
want?

Needs are those things required to live,


such as food, clothing, and shelter.
Wants are things that add comfort and
pleasure to our lives such as television,
music CDs, and movies.

SLIDE 2
NEEDS AND WANTS
• Needs are essential (Necessary Products)
• Wants add to the quality of life (Luxury
Products)

• Needs and wants are unlimited


• Resources are limited

SLIDE 3
GOODS vs SERVICES
• A Good is a tangible product
• EX: Phone

• A Service is an intangible act


• EX: Education

• Economic Resources- The factors of


production it takes to create a product
Checkpoint 
– What are the three types of economic
resources? Give an example of each type.

– Natural: water, land, trees, animals, and minerals.

– Human: labor (people who run farms and factories,


transport goods, provide services, or manage businesses).

– Capital: money, land, buildings, tools, and equipment.

SLIDE 5
THE BASIC ECONOMIC PROBLEM
• Scarcity- Unlimited wants & needs but limited
resources
• Economic decision making:
– Choices
– Trade-offs- losing one idea to pursue another

Opportunity cost is the value of the next best


alternative that you don’t choose.

SLIDE 6
THE DECISION-MAKING PROCESS
1. Define the problem.
2. Identify the choices.
3. Evaluate the advantages and disadvantages of
each choice.
4. Choose one.
5. Act on your choice.
6. Review your decision.

SLIDE 7
THE THREE ECONOMIC QUESTIONS
• What to produce?
• How to produce?
• What needs and wants to satisfy?

SLIDE 8
TYPES OF ECONOMIC SYSTEMS
(How a society chooses to use resources)
• Command economy- controlled by government
• Market economy- controlled by supply and
demand
• Traditional economy- Older concept in under-
developed countries (rely on natural resources)
• Mixed economies- a balance of government
controlled and free-market

SLIDE 9
Capitalism- Private ownership
People own businesses not government
• Name the four principles of the U.S. economic
system.
– Private property – owned by individual, not
business
– Freedom of choice- free to make business
decisions
– Profit- Revenue minus Expenses
– Competition- No monopolies, free to compete

SLIDE 10
PARTICIPATING IN A MARKET ECONOMY

• Consumers set demand (the buyer or user)


(the want or need for a product)

• Producers establish supply (the creator, seller)


(the inventory of a product)

SLIDE 11
Checkpoint 
• How does the price of a product affect
demand and supply?
– As prices decrease, the number of consumers
willing and able to purchase the product (demand)
will increase.
– As prices increase, businesses will be willing to
supply larger quantities of the product.

SLIDE 12
Checkpoint 
• How is the market price for a product
determined?
– Supply, demand, and competition determine the
market price for a product or service.
– The market price is the point at which supply and
demand are equal.

SLIDE 13
ONLINE RESEARCH- NEW PRODUCTS

• Find and record information on 2 new


products that have been introduced to the
market within the last 6 months.

• Record this information on your worksheet,


find 2 products that you think will be
successful.

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