A person in a small town would want a phone, a car, and a television.
A person on an island would need food and fresh water but would want a friend.
Someone under the age of 15 would want a phone, data, and internet.
Someone who is in college would need money to stay in college but would want a car and to pass college and get a diploma.
My needs are food, water, and shelter.
My wants are a new phone, laptop, and chair.
1. Identify the situation
2. Identify possible courses of action
3. Determine the pros and cons of each choice
4.Make a decision
5.Evaluate your decision and see well of a choice you made.
I will use this process when I did what I should eat for lunch that is when I identify my situation then I determine what I should eat and where I could go step #2. I will see which place is the best and which one is relatively cheap and make my choice step # 3 and 4. Then after I have eaten I will see how I enjoyed my lunch step #5.
Personal descision making Is very quick and doesn't usually use all of the parts of the descion making process and usually won't affect you for a long time and is informal. A business decision uses all 5 of the descision making process and can take years for one of the steps to happen and is usually formal.
A private want is a want by a single person for their personal needs. A public want is a want by a lot of people to help the enter group and not just one person
In our economy as a consumer I feel like many of the people in the United States are the gears in the factory of our economy because we put our money in to get our money out.
A limited resource in Missouri is people.
What should be produced.
How should it be produced.
Who would share in what we produce.
Market economy also known as capitalism is the way that most of the U.S. economy is ran through private companies who compete for money.
A command economy is where the government decides how all the money is spent also know as a dictatorship.
A mixed economy is when both types are implemented to help both the people and the central government most first world countries use this type of economy.
Equilibrium price is when price, supply, and demand meet up allowing for the product to sell without problems in the market for the product.