Wants and Needs

Which of the following statements describes a need?

• These are commodities that are necessary for survival.

• These are basic necessities that should be provided to everyone.

• These are goods that can make our lives more comfortable.

• These are commodities that should be affordable to all.

What is the first and most basic need based on Maslow's theory?

• Safety & Security

• Love and Belongingness

• Actualization

• Physiological needs

The highest level in Maslow's Hierarchy of Needs which represents man's desire to achieve his fullest potential.

• Esteem needs

• Self-actualization

• Love and Belongingness

• Safety and Security

Acquiring quality education is an example of which need, based on Todaro's theory?

• sustenance

• self-esteem

• freedom from servitude

• self-actualization

It refers to our tendency to copy the consumption pattern of others, especially those that we hold in high regard.

• Love and belongingness

• Social adaptation

• Aggressive advertising

• Demonstration effect

Which of the following is NOT characteristic of a need?

• limited

• essential for human survival

• relative

• universal

What need is one trying to fill by buying an education plan for their young children?

• physiological

• safety and security

• love and belongingness

• esteem

Hannah has always dreamt of being a lawyer. A few years ago, she decided to leave her teaching job to study law. What need is she trying to fill?

• safety and security

• love and belongingness

• esteem

• self-actualization

Gino had an entire collection of Avengers toys when he was younger. Undoubtedly, he is an Avengers fan! What factor influenced Gino?

• advertising

• taste or preference

• income

• snob appeal

Which of the following statements is NOT TRUE about human needs and wants?

• Our wants grow in proportion to our income which, in turn, determine our purchasing power.

• We seek to fulfill our basic needs first, before our so-called "higher needs."

• Advertising is a powerful tool in shaping consumer behavior and creating new wants.

• The non-satiation or non-fulfillment of all our needs and wants has a direct link to the problem of scarcity.