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Worksheets7BIT Needs and Wants Revision
Total questions: 15
Worksheet time: 11mins
Which need is the most important in Maslow's Hierarchy of needs?
Belongingness and Love Needs
Esteem Needs
Physiological Needs
Self-Actualisation Needs
What is an action, deed or effort performed and valued by others?
goods
services
economic resources
tangible items
Something you have to have in order to survive is ......
a want
a need
a recurrent want
a competitive want
Which category of Maslow's needs does prestige and feeling of accomplishment fall into?
Self-Actualisation
Esteem
Safety
Physiological
Needs are Limited and Wants are Unlimited. True or False?
True
False
A consumer's needs and wants are known as what to producers?
lollies
supply
demands
soft drink
What do producers sell to consumers?
needs and wants
goods and services
supplies
resources
Producers need what to help produce their goods and services?
economic resources
physiological needs
recurrent wants
supply
Which is NOT one of the four (4) economic resources?
entrepreneurship
land
needs
labour
The law of supply means that....
The higher the price for a good or service is, the more quantity is produced for the market
The more scarce a good or service is, the more valuable it becomes
The supply and demand curves meet at the market balance
We need to choose one thing over another due to Scarcity of Resources
True or False. I can satisfy my self-actualisation needs without having to satisfy my safety needs first.
True
False
I bought an x-box. I will also want to buy a game so I can use my X-box. This is known as a ...
recurrent want
competitive want
need
complementary want
The process by which the money we spend is spent in turn by the person or business that we gave our money to, and so on until we receive that money back again refers to...
Opportunity Cost
The Circular Flow of Income
The Law of Demand
Love and Belongingness Needs
Henry went to the shop with $2.50. Henry wanted to buy a bottle of water and a chocolate bar. The bottle of water cost $2.50. The chocolate bar also cost $2.50. Henry has to choose the bottle of water or the chocolate bar as he cannot afford to purchase both. Henry chooses the chocolate bar. What is the opportunity cost?
The chocolate bar ($2.50)
The bottle of water and the chocolate bar ($5.00)
The bottle of water ($2.50)
Two chocolate bars ($5.00)
The quantity of lollies supplied by producers exceeds the quantity demanded by the students in 7 BIT. The law of demand indicates that the price will...
Increase
Decrease
