Needs, wants etc

Which of the following are not needs

• Diet Coke

• Shelter

• Water

• Clothing

Which of the following is a definition of export

• send (goods or services) to another country for sale

• a product or service

• a product or service sold in large amounts

• Scotland's natural resources

Which of the following are Scottish Exports

• oil

• fish

• beef

• pakora

What is the economic problem

• The fact that scarcity exists

• There is not an economic problem

• Some people are greedy

• Humans have wants

Which best explains opportunity cost

• The value of the next-highest-valued alternative use of that resource

• Everything has a high value therefore we need to make choices

• We have limited alternatives

• Resources are scarce everywhere

The sectors of the economy are

• Primary, Secondary and College.

• Primary, Tertiary and Industry

• Goods and services

• Primary, Secondary, and Tertiary

The four factors of production are...

• Land (including all natural resources), Labour (including all human resources), Capital (including all man-made resources), and Enterprise (which brings all the previous resources ).

• Primary sector – extraction of raw materials – mining, fishing and agriculture. Secondary / manufacturing sector – concerned with producing finished goods, e.g. factories making toys, cars, food, and clothes. Service / 'tertiary' sector – concerned with offering intangible goods and services to consumers

• Goods, services, needs and wants

• There is not such thing

The definition of a need is: Something that is essential for life and ________ to __________.

• necessary, survive

• essential, life

• necessary, essential

• essential, survive

What might be some good reasons that a computer is a need and not a want? (Pick 2)

• To check Facebook

• To do work for a job

• To do homework

• To play games on the internet

• To watch Netflix

A want is: Something that makes life more happy and _________ but not _________ to survive.

• necessary, comfortable

• essential, necessary

• happy, comfortable

• comfortable, necessary