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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?

Ensuring there are no alternatives and providing easy access. Signup and view all the answers

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

Opportunity cost refers to the impact of the decision not taken. Signup and view all the answers

How does scarcity impact consumer choice?

Scarcity forces consumers to make informed decisions based on limited resources. Signup and view all the answers

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

To differentiate a product from competitors Signup and view all the answers

What is one of the disadvantages of specialisation in production?

Workers become bored Signup and view all the answers

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

To make a product more recognizable and preferred by customers Signup and view all the answers

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

To split the production process into specialized tasks Signup and view all the answers

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

To offer essential items and a convenient shopping location Signup and view all the answers

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

By forcing choices between unlimited wants and limited resources Signup and view all the answers