Needs vs. Wants Quiz

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Questions and Answers

What is the main difference between needs and wants?

  • Needs are usually more expensive, while wants are lower priced due to competition.
  • Needs are always in demand, while wants have more customers.
  • Needs are easier to enter the market, while wants have unique selling points.
  • Needs are essential items with higher demand, while wants are desirable items with lower demand. (correct)

Why is it easier to have a unique product with wants compared to needs?

  • Wants have lower demand.
  • Wants are cheaper to produce.
  • Wants provide more options for innovation. (correct)
  • Wants have less competition.

What makes a phone a need according to the text?

  • Quick contact with important people and access to messages. (correct)
  • Availability of alternatives that are better than a phone.
  • Easier access to information through different means.
  • Access to entertainment and social trends.

How can we turn a want into a need according to the text?

<p>Ensuring there are no alternatives and providing easy access. (A)</p> Signup and view all the answers

What is the significance of opportunity cost according to the text?

<p>Opportunity cost refers to the impact of the decision not taken. (A)</p> Signup and view all the answers

How does scarcity impact consumer choice?

<p>Scarcity forces consumers to make informed decisions based on limited resources. (C)</p> Signup and view all the answers

What is the main purpose of a Unique Selling Point (USP) in a business?

<p>To differentiate a product from competitors (B)</p> Signup and view all the answers

What is one of the disadvantages of specialisation in production?

<p>Workers become bored (C)</p> Signup and view all the answers

Why is branding considered an important source of added value for a business?

<p>To make a product more recognizable and preferred by customers (A)</p> Signup and view all the answers

What is the aim of division of labor in production processes?

<p>To split the production process into specialized tasks (C)</p> Signup and view all the answers

Why is convenience a significant source of added value for businesses like 7-11?

<p>To offer essential items and a convenient shopping location (D)</p> Signup and view all the answers

How does the economic problem of scarcity impact decision-making for individuals and businesses?

<p>By forcing choices between unlimited wants and limited resources (C)</p> Signup and view all the answers

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