Principles of Economics Week 12 SS Weekly

What is a need according to the text?

• Something you want like a video game

• Something you can live without

• Something you must have to survive

• Something that changes every day

Which of the following is NOT listed as a basic need in the text?

• Food

• Shelter

• Video games

• Medical care

What does the text suggest about clothing?

• It is optional

• It helps keep us warm or cool

• It is not necessary for survival

• It is something everyone wants

According to the text, what is a want?

• Something necessary for survival

• Something you can live without

• Something that does not change

• Something you need every day

How do we decide whether something is a need or a want, as described in the text?

• By seeing if it is expensive

• By evaluating if it is still a need or a want

• By asking others

• By checking if everyone has it

What is a resource in the context of the material provided?

• A type of animal

• A tool used only in construction

• Material people use like food, air, and water

• A book used in schools

Which of the following is an example of a renewable resource?

• Coal

• Oil

• Trees

• Natural gas

What do human resources refer to in the context of this material?

• Natural landscapes

• People who make up the business' labor force

• Machines in a factory

• Money used to buy resources

What happens when the supply of a product exceeds the demand according to the material?

• Prices increase

• Prices decrease

• The product is discontinued

• More products are produced

Why is it important to use resources wisely and not waste them?

• To increase their cost

• To make them last longer and protect the environment

• To create more jobs

• To make them exclusive