Transcript What drives our purchase decisions?

What drives our
purchase decisions?
DO NOW
List everything you have
with you at the moment.
Include what is in your
backpack/and or
pocketbook.
Video
What are your wants and needs
video
http://www.youtube.com/watch?v=
VY6UdMnf4KE
Wants/Needs
• Wants – thing that makes life enjoyable,
but don’t really need
• Public want – wants of a large group.
Usually governments/state/town/city pays
for these (i.e. Lakeland HS wants all new
computers)
• Private wants – wants of an individual or
small group. (I.e. car, pool) You need to pay.
• Needs – something necessary to sustain
life.
Goods vs. services
• Good – physical thing that you can
touch and feel
• Service – a task performed for you
• Producer – individuals and
organizations that determine what
products and services will be
available for sale
• Consumer – a person who buys and
uses goods and services
Supply and Demand
• Demand – the quantity of a good or service
that consumers are willing and able to buy.
• Supply – the quantity of a good or service
that businesses are willing and able to
provide
• Market price – the point where supply and
demand are equal
• True or False – the greater the demand the
higher the price
• http://www.youtube.com/watch?v
=AyyvFASW6Nw
Goods and Services provided by a
I need
producer
mulch
(good)
Producer
Rohsler’s Allendale
Nursery
Buy flowers for
my garden
(good)
II want to
have mulch
delivered
(Service)
Goods and Services provided by a
producer
Assessment
1. A good is something that______
a. You can use
b. You can touch
c. Satisfies wants
d. All of the above
(d)
Assessment
2. A service is___________-a. A job you do for others
b. Paid for by a consumer
c. Satisfies wants
d. All of the above
(d)
Assessment
True or False
3. Everything we purchase to satisfy
our wants is either a good or a
service
(T)
3. Many goods are made from
natural resources
(T)
Assessment – match service to the
producer
• Veterinarian
Keeps pets healthy
• Police
officer
Keeps beaches safe
• Stylist
Helps children learn
• Teacher
Keeps neighborhood
safe
• Lifeguard
Gives haircuts