BTEC Business Level 3 Introduction to Business - Needs and Wants

Needs and Wants

1. Why Businesses Exist? identify and list examples of needs and wants distinguish between and classify needs and wants compare and contrast needs and wants of individuals Needs Wants Unlimited Wants Different types Satisfy Goods and Services

2. Why Business Exist? Needs and Wants Name the 6 main needs a person needs to survive? Name 6 wants that a person desires N/A Needs Wants

3. Why Business Exist? Needs and Wants Needs - Air, Water, Shelter, Medicine, Clothes, Rest Wants – anything you desire N/A Needs Wants

4. Needs Wants Needs and Wants What is the diference ?

5. Needs and Wants Needs Things we cannot live without. Examples: food, water, shelter, medicine. Wants Things we like to have, but can live without. Examples: toys, sweets, cars.

6. Need or want? Want

7. Need or want Need

8. Need or want? Want

9. Need or want? Need

10. Need or want? Need

11. Need or want? Want

12. What is the purpose of business activity? The purpose of business activity is to provide products that satisfy the needs and wants of individuals and other businesses. 

13. A business will not survive if it does not make products that people need or want. What people need does not often change . People always need food, water, clothes and a place to live. On the other hand, wants can change frequently . 

14. Different needs What kind of things does this person need? What kind of things does this person need? What are some things they both need? Are there any differences in what they need?

15. Different wants What kind of things does this person want? What kind of things does this person want? Why are their wants different? Do they have any wants in common?

16. What does this person need or want? How does the business satisfy their need or want?

17. Unlimited wants What people want is unlimited because they can always think of something else that they want to have.

18. What needs and wants does Dubai Mall satisfy ?

19. Task 1 20 Mins Work in pairs with the person sat next to you. Read the case study and answer the 3 questions All of Noah’s friends have the latest PS5. Noah’s parents work hard but still can’t afford to get him such an expensive birthday present. Noah reacts very badly to this news and screams: ‘But I need one’ Does Noah actually need a PS5 or does he just want one? Explain your answer. Explain what you think the difference is between needing something and wanting something? Why do you think it is important that we learn the differences between ‘needs’ and ‘wants’? Distinguish between and classify needs and wants

20. identify and list examples of needs and wants distinguish between and classify needs and wants compare and contrast needs and wants of individuals Click on the QR Code and enter the quiz and answer the 20 questions. Plenary

21. What is the purpose of business activity? The purpose of business activity is to provide products that satisfy the needs and wants of individuals and other businesses. 

22. Why do businesses exist?