Year 9 Economics

What is a want?

• A want is a desire or a wish for something that is not necessary for survival or basic needs.
• A want is a feeling of contentment.
• A want is something that is necessary for survival.
• A want is a basic need for survival.

Are wants limited or unlimited?

• sometimes limited

• limited
• partially limited
• unlimited

Which of the following are examples of wants?

• Luxury items, vacations, and entertainment
• Education, healthcare, and safety
• Work, responsibilities, and obligations
• Necessities, basic needs, and essentials

What are examples of needs?

• education, entertainment, transportation, communication, and technology
• food, water, shelter, clothing, and healthcare

• love, friendship, happiness, peace, and freedom
• money, power, fame, success, and luxury

Are needs limited?

• No
• Yes

What is a Good?

• A good is a type of currency used in certain countries.
• A good is a tangible or intangible item that satisfies a want or need of an individual or a group.

What is a service?

• A service is an intangible economic activity.
• A service is a type of currency.
• A service is a physical product.
• A service is a form of entertainment.

How many people live on less than $1 per day?

• 10 million

• 1 billion

• 100,000 people

• 1 million

What are the key economic challenges faced by people living on $1

dollar per day

• High cost of living, unemployment, lack of healthcare access, limited social support
• Inflation, lack of infrastructure, political instability, limited job opportunities
• High taxes, excessive government regulations, lack of financial literacy, limited access to credit
• Extreme poverty, lack of access to basic necessities, limited educational opportunities, limited ability to save or invest

What is an economic sacrifice?

• Giving up or forgoing certain economic benefits or opportunities
• Receiving additional economic benefits or opportunities
• Ignoring economic benefits or opportunities
• Maximizing economic benefits or opportunities