6 Questions
Which of the following best describes needs?
Things people must have to survive
What are wants in relation to goods and services?
Luxury items that people desire
How can goods and wants be expressed in economic terms?
As items demanded for satisfaction of human desires
Which type of goods are used by individuals?
Consumer goods
Which type of goods are used by businesses to produce products?
Capital goods
Which type of goods last fewer than 3 years?
Non-durable goods
Test your understanding of the economic concepts of needs, wants, and goods. Learn how these terms relate to the production and consumption of economic products.
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