G06-BIZ

What is a 'need'?

• A luxury item you want

• Something you can live without

• Something necessary for survival

• A gift you receive

Which of the following is an example of a need?

• A smartphone

• A new toy

• Food

• Designer clothes

Which of the following is an example of a want?

• Water

• Shelter

• Vacation trip

• Medicine

Which item is a need for everyone?

• Video games

• Internet connection

• Clean air

• Luxury car

What do we call something that we would like to have but can live without?

• A need

• A necessity

• A want

• A requirement

________ is any activity aimed at generating profit by offering goods or services to others.

• Franchise

• Market

• Business

• Corporation

________ refers to the range of quantities of a good or service that producers are prepared to sell at various market prices.

• Limited

• Demand

• Goods

• Supply

________ are tasks performed by others, such as haircuts by barbers, food service by waiters, and health checks by doctors.

• Product

• Wants

• Service

• Need

________ is the combination of desire, willingness, and ability to purchase a good or service.

• Services

• Demand

• Needs

• Supply

________ are items that are usually (but not always) tangible, such as clothing, toys, apples, furniture, and pens.

• Needs

• Goods

• Supply

• Wants