IPS Activities to Fulfill Needs

Which of the following is considered the most basic human need for survival?

• Education

• Entertainment

• Food

• Transportation

The act of creating goods or services is known as...

• Distribution

• Consumption

• Production

• Exchange

Utilizing goods and services to satisfy wants and needs is called...

• Production

• Distribution

• Consumption

• Specialization

The process of moving goods from where they are produced to where they are needed is...

• Production

• Consumption

• Distribution

• Marketing

A doctor providing medical care is an example of...

• Producing goods

• Providing a service

• Distributing products

• Consuming resources

The fundamental economic problem of having unlimited wants but limited resources is known as...

• Inflation

• Recession

• Scarcity

• Surplus

Our choices about what to consume are often limited by our...

• Unlimited desires

• Abundant resources

• Income and prices

• Lack of information

Which of the following is typically considered a primary need?

• A vacation

• A large house

• Clothing

• The latest gadgets

The primary purpose of economic activities in society is to...

• Generate profit for businesses

• Create employment opportunities

• Satisfy the needs and wants of its members

• Increase government revenue

When individuals or businesses focus on producing a limited range of goods or services, it's called...

• Diversification

• Self-sufficiency

• Specialization

• Generalization