Needs vs Wants/Goods vs Services

Front

What is a need?

Back

Something we cannot survive without

Front

What is a want?

Back

Something that we would like, but is probably over and above what we need to survive.

Front

What is a good?

Back

Something you can see, touch and pick up

Front

What is a service?

Back

Things we can’t see, touch or pick up. Someone does something for another person.

Front

What are durable goods?

Back

Goods that do not wear out quickly, they can be used over a long period of time.

Front

What are non-durable goods?

Back

A good which is immediately used and has a short life-span.

Front

What are the top two important needs?

Back

Oxygen and Water