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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

Economics Concept Quiz

Choose a study mode

Podcast

Questions and Answers

Which of the following best defines a 'need'?

Unlimited wants can be satisfied with limited resources.

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

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:

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