1.1: A Look at Needs & Wants Flashcards
1
Q
Needs
A
Things you must have in order to survive
2
Q
Wants
A
Things you do not need in order to survive but want
3
Q
Resources
A
Items people can use to make or obtain what they need/want
4
Q
Public wants
A
Shared by many people
5
Q
Private wants
A
Wants of individuals/small groups of people
6
Q
Goods
A
Physical products
7
Q
Services
A
Tasks performed by businesses for consumers
8
Q
How many steps are in the decision-making process?
A
5
9
Q
Step 1:
A
Identify situation
10
Q
Step 2:
A
Identify possible courses of action
11
Q
Step 3:
A
Determine pros & cons
12
Q
Step 4:
A
Make a decision
13
Q
Step 5:
A
Evaluate your decision
