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Chapter 1 Basic Economic Concepts

Section 1.1 A Look at Wants and Needs
Chapter 1

Reading Activity—Take Notes

Directions Fill in the blanks to complete the notes.

1. Wants and needs the economy.

A. Wants and needs what products and services businesses

B. Businesses goods and services to

wants and needs.

2. Resources the ability to wants and needs.

3. Every day, you make about how you will

your resources to your needs and wants.

A. The process can help you make good .

i. Step 1 requires you to the situation.

ii. Step 2 requires you to identify courses of action.

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iii. In Step 3, you the pros and cons.

iv. In Step 4 you make a .

v. You your decision in Step 5.

B. The decision-making process can be used for both decision

making and decision making.

4 Chapter 1 Fast File

 Answers
Section 1.1 – A look at wants and needs

1. Drive
A) Determine – provide
B) Provide – Satisfy

2. Limit – Satisfy

3. Decision – use – satisfy.

a) Decision making – decision
i) Identify
ii) Possible
iii) Determine
iv) Decision
v) Evaluate
b) Personal – Business