Difference Between Needs and Wants

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a need, according to the text?

Something we cannot do without if we wish to survive.

Give an example of a want.

Expensive jeans

Distinguish between a primary need and a secondary need.

Primary needs are essential for survival, while secondary needs are desires that are not necessary for survival.

Why is oxygen considered a need?

We cannot survive without it. Signup and view all the answers

Provide an example of a good and explain why it is considered a good.

A shoe is an example of a good because it is a tangible item that can be seen, felt, and touched. Signup and view all the answers

Explain the difference between goods and services using examples.

Goods are tangible items like a shoe that can be touched, while services are intangible like the service of a security guard keeping us safe at night. Signup and view all the answers

Discuss the importance of businesses studying people's needs and wants before producing goods and services.

Businesses study people's needs and wants to ensure that they produce products or services that are in demand, leading to customer satisfaction and business success. Signup and view all the answers

Explain why the service of a security guard at night is considered a service and not a good.

The service of a security guard is intangible and involves an action (keeping us safe), making it a service rather than a physical product like a good. Signup and view all the answers

How does the concept of goods and services relate to the satisfaction of people's needs and wants?

Goods and services are produced to satisfy people's needs and wants by providing them with either tangible products (goods) or intangible actions/tasks (services) that fulfill their requirements. Signup and view all the answers