Business Pop Quiz _Term 1_2023

Basic needs are

• things we wish to have.

• things that are not important.

• essential for survival.

The three basic needs are

• a car, phone and iPad

• food, shelter and clothing

• are things that are not important to humans

Tangible goods

• cannot be seen or touched.

• can be consumed

• can be seen and touched.

Services are aids

• that satisfy those who consume

  them.

• that can be touched.

• services are tangible.

_______ are those goods and services people would

wish to have but which are not essential for

survival.

• Purchasing Power

• Wants

• Needs

Wants are

• unlimited

• limited

• scarcity

Wants refer to goods and services that are ______________ for survival.

• essential

• not essential

• scarce

To satisfy our wants, we need to have the ________ them

• capacity to pay for

• skill use

• appropriate age to use

Choose two which are true for wants. Wants

• vary according to individuals’ tastes and

  preferences.

• are limilted

• grow over time.

An enterprise is a business which does not take risks to produce commodities so as to satisfy needs and wants and make profit.

• True

• False