Needs vs Wants

Candy

• Needs

• Wants

Need or Want:

Video games

• Needs

• Wants

Air

• Needs

• Wants

Shelter/place to live is a need.

• True

• False

Sleep

• Needs

• Wants

Soda

• Needs

• Wants

Want or Need: Water

• 
• 

What is the primary difference between needs and wants in the context of economics?

• Needs are essential for survival, while wants are additional desires.

• Needs are luxury items, while wants are basic necessities.

• Needs are always more expensive than wants.

• Needs are desires that can be postponed, while wants must be fulfilled immediately.

Which of the following is an example of a need rather than a want?

• A smartphone

• A designer handbag

• Clean drinking water

• A sports car

In Maslow's hierarchy of needs, which category do 'wants' typically fall into?

• Physiological needs

• Safety needs

• Self-actualization needs

• Esteem needs