TOPIC 2: Needs & Wants

_____ are things one must have for survival

• Needs

• Wants

_____ are things you would like to have, but do not need to survive

• Needs

• Wants

_____ are tangible things that one needs or wants.

E.g. phone

• Goods

• Services

_____ are activities provided by people. They are intangible.

E.g. haircut

• Goods

• Services

_____ : The next best alternative a person gives up when making a choice

• Services

• Needs

• Opportunity Cost

• Budget

Food, Shelter and Clothing are examples of ___

• Services

• Needs

• Goods

• Wants

Sports Car, Big House and Nike Shoes are examples of ___

• Services

• Needs

• Goods

• Wants

Which of the following is an example of GOODS

• Car Wash

• Car

• Car Technician

• Salesman

Which of the following is NOT an example of SERVICES

• Car Wash

• Medical Services

• Hair cut

• Computer

Goods and services which a person wants for himself

is known as ___

• Individual Wants

• Collective Wants

• Individual Needs

• Collective Needs