Define Wants vs. Needs Maslows Hierarchy of Needs Resources Time, money, property Finite or infinite? Allocation of resources Public Wants/Needs Public Wants Public Needs We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America. domestic Tranquility defenceWelfare Posterityordain Can we afford it? Personal Wants Needs Importance of a budget Creating a Budget What is a business Any activity that seeks a profit by providing goods and services to others. Profit is the amount of money left over after a business has paid for the cost of producing the goods and services. WITHOUT A PROFIT, A BUSINESS CANNOT SURVIVE! Market Determine demand for product or serviceare there enough individuals wanting the item at a price that will be profitable for the business? What is the competition Who is selling like goods & services? What are the prices for comparable goods & services? Law of supply and demand Consumers Person who selects, purchases, uses or disposes of goods and services Changing tastes-- Cost of Doing Business Develop a list of what types a costs businesses have