Quiz on Home Economics

What is a need?

• Something desirable but not essential

• Something essential for survival

• Something luxurious

Which is an example of a want?

• Food

• Clothing

• Vacation

Why do people prioritize needs over wants?

• Due to limited resources

• Due to personal preference

• Due to social status

What happens when needs are not met?

• Wants are neglected

• Quality of life suffers

• No impact

How do cultural values influence needs and wants?

• Shape priorities

• Determine resources

• Ignore differences

What is scarcity?

• Availability of resources

• Limited resources

• Unlimited wants

What is opportunity cost?

• Benefit of choosing one option

• Cost of choosing one option

• Value of forgone alternative

Why do people face trade-offs?

• Due to unlimited resources

• Due to scarcity

• Due to personal preference

What happens when you choose one option over another?

• Opportunity cost increases

• Opportunity cost decreases

• No opportunity cost

How does scarcity affect decision-making?

• Encourages impulse choices

• Requires careful consideration

• Eliminates choices