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Needs and Wants

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  • Military Services is an example of a need of: (A) Households (B) Country (C) Community
    (B) Country
  • True or False: Social, Serf-esteem and Self-Actualisation needs are primary needs.
    False
  • Give an example of a community need.
    police, roads, hospitals, libraries, etc...
  • What is the difference between a debit and a credit card?
    Credit Card - allows you to borrow money, Debit Card - use your own money
  • A hairdresser can sell goods and services. Explain how this is possible.
    Haircut = Service, Hair products = goods
  • What does 'collective' mean?
    Belonging to everyone.
  • True or False: The need to have friends is an example of a social need.
    True
  • True or False: You can make payments using your smart phone.
    True
  • Which needs are classified as primary needs in Maslow's Hierarchy of needs?
    Physical and Security needs
  • Give 5 examples of wants.
    Various answers
  • What are public goods and services?
    Goods and services provided by the government.
  • A place where people come together to buy and sell goods is called a (A) Trading place (B) Market (C) Subsistence Economy
    (B) Market
  • Why must money be durable?
    It must be able to last a long time and not easily be broken.
  • Give 3 examples of services.
    Various answers.
  • True or False: A good is intangible.
    False
  • What is the basic economic problem?
    Having unlimited needs and wants but limited resources to satisfy them./Scarcity
  • What do producers do?
    They make or develop goods and/or services
  • True or False: A need is something you would like to have but can live without.
    False
  • Give 3 examples of goods.
    Various answers
  • Give two examples of needs.
    food, water, shelter, etc...
  • What do we call trade that takes place without money?
    Bartering
  • True or false: It is important that money should be dividable.
    True
  • Is education a good or a service?
    Service
  • What is a household?
    A group of individuals (such as family members) who live together.
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