Needs Versus Wants

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Needs Versus Wants
Q. What do you really need? Task You have 5
minutes to get with your partner and generate a
list of 10 Needs.
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Needs Versus Wants
Who is responsible for supplying these needs?

• Shelter
• Food
• Clothing
• Education
• Healthcare

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Needs Versus Wants
Who is responsible for supplying these wants?
Get with your partner and generate a list of 10
economic Wants
Concerts Music CDs Cars Candy Ice Cream
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Want or Need??
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Want or Need??
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Want or Need??
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Want or Need??
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Want or Need??
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Want or Need??
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Want or Need??
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Want or Need??
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Scarcity
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Scarcity

• Task Get with your partner and generate a list
  of 10 goods or services that are scarce.
• When something is scarce, what is the price?
• Q. What happens when an economic Need is Scarce?

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• Things that are Scarce in Southbridge
• Affordable Housing ownership.
• Venues of Entertainment.
• Public Transportation
• High income jobs.
• How do we solve problems of scarcity?
• Produce More

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Factors of Production
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Factors of Production
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Factors of Production
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Factors of Production
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Factors of Production
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The Final Factor
Someone with the ingenuity to get the other
factors in the right time and at the right place
The Entrepreneur
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