Needs vs. Wants Quiz

A need can best be describe as ....

• Something that a  person buys or sells to another person. 
• A necessity to survive like water or shelter.
• An item that provides a valuable service like a cell phone.
• A necessity to survive like Dr. Pepper and a mansion.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A student can be found at the mall on the weekends. He/She likes to buy name brand clothing, new watches, and cool electronics. This person has the means to satisfy their ____________.

• Needs
• Wants
• Basic Economic Questions

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Scarcity is based on the fact that individuals....

• Will continually buy and sell goods.
• Use too many products, so those products are in short supply.
• Have unlimited needs and there is not enough food, water and shelter to go around.
• Individuals have unlimited wants.

Which of the following is not one of the four economic questions?

• When to produce
• how to produce
• For whom to produce.
• what to produce/how much to produce.

Nations'/Economies' goal is to.....

• Satisfy each and every citizen's needs and wants.
• Create more of one product than anybody else, becoming a monopoly.
• Sell their products at the highest price.
• Meet their citizen's needs in the most efficient way possible.