ML FBLA Exploring Economics - Wants vs. Needs

Which of the following is a basic need?

• A new video game

• A smartphone

• Clean water

• A vacation

Which of the following is an example of a want?

• Food

• Shelter

• Designer shoes

• Medicine

What is the difference between a need and a want?

• Needs are things that are essential for survival, while wants are things that are not essential but desired

• Wants are required for survival, while needs are not

• Needs are things we can buy, while wants are free

• There is no difference between needs and wants

Which of the following is a need?

• A laptop

• A car

• A bed

• A new jacket

Which of the following is a want?

• A textbook

• A winter coat

• A movie ticket

• A bus ticket

Which of the following would most likely be considered a need?

• A candy bar

• A concert ticket

• A pair of sunglasses

• A pair of shoes

What is an example of a need that everyone must have to survive?

• A new video game

• Clean air

• A new phone

• A television

Which of the following is NOT a need?

• Food

• Water

• A swimming pool

• Shelter

Which of the following is an example of a want that is also a status symbol for some people?

• A car

• A refrigerator

• A cell phone

• A fancy watch

Which of these is an example of a need in a cold climate?

• A wool sweater

• A toy

• A new movie

• A luxury handbag