Podcast
Questions and Answers
Which of the following best defines a 'need'?
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.
Unlimited wants can be satisfied with limited resources.
False (B)
What economic problem arises due to unlimited wants and limited resources?
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.
A __________ is a good or service which people would like to have, but which is not essential for living.
Match the following terms with their definitions:
Match the following terms with their definitions:
Flashcards
Needs
Needs
Essential goods and services for living, like food, water, clothing, and shelter.
Unlimited Wants
Unlimited Wants
People's desires for goods and services are endless, going far beyond basic necessities.
Scarcity
Scarcity
Limited resources (materials, labor, etc.) to create enough goods and services for our unlimited wants and needs.
Economic Problem
Economic Problem
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Opportunity Cost
Opportunity Cost
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