Business in Society

What is the main difference between 'needs' and 'wants'?

• Needs are things you would like to have but do not need to survive, while wants are essential for survival.

• Needs are essential for survival, while wants are things you would like to have but do not need to survive.

• Needs and wants are both essential for survival.

• Wants are more important than needs.

Which of the following is an example of a 'need'?

• Gym membership

• Cinema tickets

• Water

• New trainers

Why do businesses supply products and services?

• To meet only the wants of societies

• To meet both the needs and wants of societies

• To meet only the needs of societies

• To make a loss

In economically developed countries, why do some people work?

• To earn an income to buy things they want rather than need

• To earn an income to buy only essential items

• To avoid buying any non-essential items

• To earn an income to buy only luxury items

What is the difference between needs and wants?

• Needs are things we require to survive; wants are products or services we would like to make our life more enjoyable.

• Needs are things we want for fun; wants are things we require to survive.

• Needs and wants are the same and can be used interchangeably.

• Needs are always more expensive than wants.

Which of the following is an example of a need?

• Designer jacket

• Sports car

• Water

• Holiday in Spain

Which of the following is an example of a want?

• Basic food such as bread and potatoes

• Weatherproof house

• Strawberry milkshake

• Water

What are 'tangible' goods?

• Goods that cannot be seen or touched

• Services provided by businesses

• Products we can see and touch

• Items that are only used once

Which of the following is an example of a durable good?

• Food

• Can of soft drink

• Fridge

• Petrol

What is a characteristic of non-durable goods?

• Used many times and have a long lifespan

• Consumed almost immediately

• Difficult to understand

• Provided by local councils