Basic Concepts of Economics

The wish to have something is_

• Desire

• Want

• Need

• Demand

Effective efforts put to acquire something will be_

• Want

• Desire

• Need

• Demand

Willingness to pay for the want is_

• Need

• Desire

• Demand

• Show off

Things require to survive are categorised as_

• Demands

• Wants

• Needs

• Desires

Which is NOT a classification of Wants

• Necessities

• Luxuries

• Comforts

• Secondary

Which is NOT a feature of Wants

• Recur

• Competitive

• Complementary

• Limited

Services are _

• Tangible

• Non-tangible

Consumption is the direct use of goods and services in satisfying human wants

• True

• False

Sustainable development means not to leave resources for future use

• False

• True

Utility is the property of quality common to all commodities wanted by a person

• Agree

• Disagree