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Economic Starting Points Wants and Needs Look at the tag on your shirt or the label on your backpack You make choices About the clothes you buy and the music you download When you buy snacks from the vending machine you choose a product based on cost taste brand recognition and supply Guess what Youve just made business decisions New products higher prices and the supply of products affect your family friends and you Business in Todays World Suppose you have 10 You could use it to buy lunch a magazine or go to a movie What is the difference between what you want and what you need How can you satisfy wants and needs with money you have available Figure 11 asks you to think and write about your wants and needs An Abundance of Wants Wants are the things you wish you could have Each person has wants You might want a mountain bike while your best friend may want a road bike A group of people may also share the same wants A family may want a new care a company may want a more advanced computer system or an athlete club may want to add a swimming pool Although these wants are shared they are considered private wants On the other hand some wants are widely shared by people These wants are no longer considered private but become public wants such as highways drinking water and education For the most part local state and federal governments satisfy public wants
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