Needs, Wants, Goods and Services

What is a need?

• Something we cannot survive without

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

What is a want?

• Something we cannot survive without

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

What is a good?

• Something you can see, touch and pick up

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

What is a service?

• Something you can see, touch and pick up

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

What are durable goods?

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

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

What are non-durable goods?

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

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

Which are examples of needs?

• Water

• Oxygen

• Basic Clothing

• Food

Which are examples of wants?

• Car

• Smartphone

• Designer Clothes

• Washing Machine

What are the top two important needs?

• Oxygen and Water

• Car and Smartphones

• TikTok and Snapchat

Which are examples of goods?

• Food

• Smartphones

• Flowers

• Clothes