Wants and Needs / Goods & Services

Which of the following is an example of a want?

• Water

• Shelter

• Mobile Phone

• Food

"Needs are essential for survival, while wants are things that people desire but can live without."

• True

• False

Choose if Electricity is Need or Want

Which of the following best describes the difference between needs and wants?

• Needs are expensive; wants are always cheap

• Needs change over time, while wants stay the same

• Needs are luxury items; wants are basic essentials

• Needs are essential for survival; wants are not necessary

Which of the following is an example of a service?

• Book

• Haircut

• Clothes

• Car

"Goods are tangible items, whereas services are activities or benefits provided to customers."

• True

• False

Medical check-up is an example of a good.

• True

• False

Which of the following best describes the difference between goods and services?

• Goods can be returned, but services cannot

• Services are physical products, while goods are actions performed

• Goods are tangible, while services are intangible

• Services are always more expensive than goods