A Needs is a thing required to live. A want adds to the quality of life
Small Island Under 15
Needs: Food, Shelter Needs:Water and food
Wants A boat, Confort Wants: A chair and Pillow
My economic needs and wants
Step 1: Identify the situation Whether the problem is one that occurs daily or comes up only a few time in a lifetime, identifying the problem is the first step.
Step 2:Identify possible courses of action. Take time to think through the situation so you can identify and consider all the important alternatives.
Step 3: Determine the pros and cons Consider your values and goals when determining the advantages and disadvantages of each alternative. You can use this information to compare and evaluate your choices.
Step 4: Make a decision.Use the information you gathered to rank the alternatives and make a decision. Once you have made your decision, you can plan how you reach your goal.
Step 5:Evaluate your decision.Once your decision is put in effect, ask yourself whether your achieved the results you expected. Would you make the same choice again?
Business decisions affect your business and you have to think about your company before you make your decision.
Personal decisions affect only you.
Private want= Nintendo switch
Public want= Light switches
I, the consumer, would play a role in society by buying something to help the economy.
Iron is a limited resource in mizzouri
What should be produced?
How should it be produced?
Who should share in what is produced.
Market economy: An economic system in which economic decision are made in marketplace.
Command economy: An economic system in which a central authority makes the key economic decisions.
Mixed economy: Is an economy that contains both private and public enterprises