Economics and Business Revision

What is a need?

• Something that we must have in order to survive.

• Something we need to survive.

• Something we want to survive

What is a want?

• Items and services we need to survive.

• Items and services desired by an individual to improve their life in some way.

• Things we want but don't need.

What is a collective want?

• Items and services that are needed by individuals.

• Things that are wanted by the communtiy.

• Items and services desired by the whole community.

What is an example of a need?

• Water

• Designer clothing

• Phone

• Netflix

What is an example of a want?

• Food

• Water

• Phone

• Shelter

What is an example of a collective want?

• Food

• Shelter

• Hospital

• Clothing

Identify some ways that technology has changed work practices (more than one answer).

• Make products at a faster rate.

• Reduce the amount of labour to produce goods.

• Increase labour costs.

• Make unreliable products.

• Produce cheaper goods and services for customers.

Fill in the blanks:

With the advancement of technology, society now uses _______ resources to produce _____ goods.

List two ways that technology has changed how we communicate at work.

Outsourcing labour is businesses using ______________ suppliers to provide __________ and _______________.