SATISFYING NEEDS AND WANTS

Which of the following is an example of a want?

• Shelter
• Food
• Water
• A large apartment

Which of the following is unique for business use?

• Computers
• Plastic
• Gasoline
• Steel

What is the difference between goods and services?

• Goods are essential for survival, services add comfort and pleasure to life
• Goods satisfy basic needs, services satisfy luxury desires
• Goods are tangible products, services are intangible actions
• Goods are things that are required in order to live, services are things that are not necessary

What must businesses provide to consumers at the time they want to consume them?

• Goods
• Neither goods nor services
• Both goods and services
• Services

Reflecting on your personal needs and wants, which of the following needs would likely be different from when you were younger?

• Food
• Education
• Entertainment
• Shelter

What is the difference between needs and wants?

• Needs satisfy basic needs, wants satisfy luxury desires
• Needs are unlimited, wants are limited by imagination
• Needs are things that are required in order to live, wants are things that are not necessary
• Needs are essential for survival, wants add comfort and pleasure to life

How do wants change over time?

• Wants are limited by imagination
• Wants are unlimited and constantly changing
• Wants are determined by economic status and lifestyle
• Wants make life easier and more comfortable

What determines whether a product or service is necessary or not?

• The work you do
• The country in which you live
• The economic status and lifestyle of your family
• All of the above

Reflecting on personal needs and wants helps in understanding:

• The relationship between needs and wants
• The role of goods and services in satisfying needs and wants
• The relationship between businesses and consumers
• The difference between goods and services

What is the relationship between goods and services and businesses and consumers?

• Goods and services are produced and consumed by businesses
• Goods and services are produced and consumed by consumers
• Goods are consumed by businesses, services are produced by consumers
• Goods are produced by businesses, services are consumed by consumers