Questions and Answers
What is the main difference between needs and wants?
Needs are essential items with higher demand, while wants are desirable items with lower demand.
Why is it easier to have a unique product with wants compared to needs?
Wants provide more options for innovation.
What makes a phone a need according to the text?
Quick contact with important people and access to messages.
How can we turn a want into a need according to the text?
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What is the significance of opportunity cost according to the text?
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How does scarcity impact consumer choice?
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What is the main purpose of a Unique Selling Point (USP) in a business?
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What is one of the disadvantages of specialisation in production?
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Why is branding considered an important source of added value for a business?
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What is the aim of division of labor in production processes?
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Why is convenience a significant source of added value for businesses like 7-11?
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How does the economic problem of scarcity impact decision-making for individuals and businesses?
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