Needs/Wants/Tangible/Non-Tangible/Durable/Non-Durable

1. What is a need?

• A desire for something

• Something essential for survival

• A luxury item

• A hobby

1. Which of the following is an example of a need?

• A new smartphone

• A video game

• Food

• A toy

1. What is a want?

• Something necessary for living

• A basic requirement

• Something people desire but is not essential

• An emergency supplyHo

1. Which of the following is an example of a want?

• Water

• Clothing

• Shelter

• Toys

1. How do needs and wants differ?

• Needs are essential for survival; wants are not

• Wants are essential for survival; needs are not

• Needs are desires; wants are requirements

• There is no difference

6. What is a good?

• An action performed for a fee

• A physical item that can be bought or sold

• A type of service

• An event

6. Which of the following is an example of a good?

• Haircut

• Cooking class

• Book

• Taxi ride

6. What is a service?

• A physical item

• An activity performed for a fee

• A tangible product

• A type of good

6. Which of the following is an example of a service?

• Car

• Laptop

• Teaching

• Furniture

6. How do goods and services differ?

• Goods are activities; services are physical items

• Goods are intangible; services are tangible

• Goods are physical items; services are activities performed by others

• There is no difference