Economics Concept Quiz
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Questions and Answers

Which of the following best defines a 'need'?

  • A good or service essential for living (correct)
  • A good or service desired for luxury
  • A good or service everyone can easily obtain
  • A good or service not required for survival

    • Unlimited wants can be satisfied with limited resources.

    False

    What economic problem arises due to unlimited wants and limited resources?

    Scarcity

    A __________ is a good or service which people would like to have, but which is not essential for living.

    <p>want</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Need = Essential for living Want = Not essential for living Scarcity = Limited resources for unlimited wants Poverty = Inability to afford basic goods and services</p> Signup and view all the answers

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