How businesses respond to the demands of consumers (e.g. responding to preference for healthy options, environmentally friendly products and packaging, organic food) Australian Curriculum Economics and Business Year 7 ACHEK 017

Do any businesses in your area sell polka dot dresses? Fax machines? Compact discs? Wooden tennis rackets? Trousers with flares? How come?

We know consumers rely on businesses to provide their wants and needs in a market economy. But business firms also rely on their customers. Therefore, businessses and consumers are co-dependent.

The first activities investigate consumer preferences. Which of the following pairs of shoes suits your current preferences? Why?

Images - Pixabay no attribution required

Consumer buying preferences could be influenced by a range of things. For example - cultural factors, age, education, income patterns.

Business have to understand, and respond to, consumer needs? Why? To remain or become profitable. Businesses choose how to combine the resources they can access to produce the products you want. Because the business world is competitive, they all ten to make things with slightly different features - freshness, style, use ability, 'green' and so on.

Consumers have unlimited wants, and those wants change over time. In learning activity 5, you could change your school canteen menu to reflect the latest dietary guidelines. In activity 7, you can do a web search about some new products producers are delivering in response to consumer demand - like better airline seats; TV replays and home security systems.

and in response to big picture trends like public transport over cars; apartments over suburban houses; alternative power generation and so on.

This presentation accompanies the Economics Teachers Association of WA (ETAWA) professional development material written for Western Australian and Australian Curriculum Economics and Business (Year 7).

Created By
Greg Parry
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Credits:

Pixabay, Greg Parry

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