Needs vs. Wants in Economics
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Questions and Answers

Which of the following best describes needs?

  • Things people must have to survive (correct)
  • Products that are unnecessary
  • Non-essential items for survival
  • Luxury items people desire

    • What are wants in relation to goods and services?

  • Luxury items that people desire (correct)
  • Essential items for survival
  • Unnecessary products for human needs
  • Basic goods needed for everyday life

    • How can goods and wants be expressed in economic terms?

  • As items demanded for satisfaction of human desires (correct)
  • As basic necessities for everyday living
  • As non-essential items for comfort
  • As products necessary for survival

    • Which type of goods are used by individuals?

    <p>Consumer goods</p> Signup and view all the answers

    Which type of goods are used by businesses to produce products?

    <p>Capital goods</p> Signup and view all the answers

    Which type of goods last fewer than 3 years?

    <p>Non-durable goods</p> Signup and view all the answers

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