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.</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.</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.</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</p> Signup and view all the answers

    What is one of the disadvantages of specialisation in production?

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

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