Needs vs. Wants

1.  To kick off the day, brainstorm a list of common needs and wants such as food items, clothing, or entertainment expenses.  Next to each item on your list, note which ones you would classify as needs and which ones you would classify as wants! 

Need:
House
Food
House appliance 
Clothes 
Shoes 
Car
Dog supplies (food vet bill money etc)


Want:
Puppies
Starbucks
Candy
Chips
Phone
Money
Kittens
Purse
Wallet
2.  Why are people affected by scarcity regardless of their income?  Would you agree with the statement that there is no such thing as a free lunch?

Everyone is affected by scarcity because people are always going to want things things we don't really need but want like for example I have a phone and a laptop but I want a new iPad I don't need it but I want it. Food is never free we always have to pay or do something to earn it. 

3.  Take a moment to identify the factors of production for a t-shirt business.  In a  small group, discuss the land, labor, capital and entrepreneurship that would be required to establish a business that designs and sells t-shirts. Be as thorough as possible as you develop this list.  Each individual will need to write a brief summary highlighting the factors of production needed to start this business.

We need Cotten to make the shirt oversea picking up the Cotten it has to be shipped. Capital sowing machine trucks cars transportation person to marketing it and selling it. Land is using natural resources not created by people. Labor includes people working manual labor or performing services capital manufactured goods such as buildings tools and computers used to make others goods. 

4.  Why might businesses in one country seek natural resources or other materials needed for production in other parts of the world?

Business do that to sell the product and get a better product and they want the best product and people want everyone to get it. More affordable to get transported to protect environment and etc.