Economic Wants

________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.

• Economics

• Supply and Demand

• Capitalism

• Personal Finance

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money

• by making choices

• by stealing

• by setting a budget

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Market 

• Tradeoff

• Scarcity 

• Equity 

A condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants.

• Economics

• Trade-Off

• Choice

• Scarcity

The study of how people use their scarce resources to satisfy their unlimited wants.

• Scarcity

• Economics

• Microeconomics

• Macroeconomics

What is the term for the desire for goods and services that are not necessary for survival but are desired for comfort and pleasure?

• A) Economic Wants

• B) Basic Needs

• C) Scarcity

• D) Resources

Which of the following is an example of an economic want?

• A) Water

• B) Shelter

• C) Smartphone

• D) Food

What is the primary difference between economic wants and basic needs?

• A) Economic wants are essential for survival, basic needs are not

• B) Basic needs are essential for survival, economic wants are not

• C) Economic wants are always more expensive than basic needs

• D) Basic needs are always more expensive than economic wants

Which concept explains the limited nature of resources in relation to unlimited wants?

• A) Abundance

• B) Scarcity

• C) Surplus

• D) Inflation

How do societies typically address the problem of unlimited wants and limited resources?

• A) By increasing production

• B) By making choices and trade-offs

• C) By printing more money

• D) By eliminating wants