Basic Economic Concepts

Basic Economic Concepts

Author: Andrew Damp

State the differences between wants and needs.

Describe how resources limit the number of wants people and businesses can satisfy.

List the activities businesses undertake when developing products and services.


Explain how to use the decision-making process to make the most of your resources.

Explain how profit and competition motivate businesses.

Explain how business impacts you and how you impact business.

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U1 Part 1 Basic Economic Concepts

Needs vs. Wants

Needs vs. Wants Assessment


After watching the first video.  Please complete the following using either Google Spreadsheet or Excel.  Cell A1 should include your name. 

  • You have been given $100 for your allowance this month and are not required to save any of it.  Create a budget showing how much of the $100 would be spent on needs and how much would be spent on wants.
  • For each item, describe why it is a need or want and determine exactly what the price will be. You will use a sales tax of 5% and need to link where you got your initial price from.  Show a total of the amount you spent for the entire month.
  • Please email me the spreadsheet when you are done.

U1 Part 2 Basic Economic Resources

What is a business, it's motivations and how it affects you.

Second Video Assessment


Please complete the following using either Google Presentation, Prezi, Sliderocket, 280 slides, or PowerPoint.  You may work by yourself or with a partner.  The title slide should include your name(s).

  • Research a business that sells a product that you use on a regular basis.  Food and beverage items are not allowed to be used.  Only one type of product can be used by any given individual or group.  (i.e.  even though there are several manufacturers of basketballs, only one group can research this product)
  • Who started the business?  When, where and why was it founded? 
  • Determine all the resources, natural and man-made, that are used to create the product.
  • Briefly describe the process used to create the final product.
  • Please email me the presentation when you are done.