WorksheetsOur needs and wants
Total questions: 21
Worksheet time: 11mins
Name
Class
Date
1.
What is the primary difference between needs and wants?
a)
Needs are essential for survival; wants are desires.
b)
Needs are unlimited; wants are limited.
c)
Needs are always expensive; wants are affordable.
d)
Needs are created by advertising; wants are not.
2.
Which of the following is a "want" rather than a "need"?
a)
Food
b)
Water
c)
Designer clothes
d)
Shelter
3.
Why are wants considered unlimited?
a)
People can never satisfy all their desires.
b)
Advertising controls consumer behavior.
c)
There are limited resources to fulfill wants.
d)
Wants only apply to luxury goods.
4.
How are wants influenced by activities?
a)
Wants remain constant regardless of activities.
b)
Wants change based on what people are doing.
c)
Activities have no impact on wants.
d)
Wants are only linked to leisure activities.
5.
Which of the following scenarios demonstrates a want in relation to an activity?
a)
Basic daily tasks
b)
Social gatherings
c)
Studying
d)
Sleeping
6.
What does "gradations of consumer demand" mean?
a)
Consumers only buy necessary goods.
b)
Demand varies in levels of importance or urgency.
c)
Demand is always fixed and predictable.
d)
Only wealthy people experience demand gradations.
7.
Which product demonstrates a high gradation of demand?
a)
Electricity
b)
Designer handbags
c)
Video games
d)
Jewelry
8.
What does elasticity of wants refer to?
a)
The change in wants based on price changes.
b)
The need for flexible goods.
c)
The ability to satisfy unlimited wants.
d)
The increase in wants over time.
9.
How are goods categorized in terms of gradation of consumer demand?
a)
Essential and luxury
b)
Local and imported
c)
Durable and non-durable
d)
Necessary and unnecessary
10.
If a good has highly elastic demand, what does this mean?
a)
A small price change will cause a large change in demand.
b)
The good is not affected by price changes.
c)
The good is a necessity.
d)
Demand decreases regardless of price changes.
11.
What type of goods typically have elastic wants?
a)
Essential goods
b)
Luxury goods
c)
Complementary goods
d)
Inferior goods
12.
What is the difference between value and utility?
a)
Value refers to price; utility refers to usefulness.
b)
Value refers to importance; utility refers to cost.
c)
Value is for luxury goods; utility is for basic goods.
d)
Value is constant; utility changes.
13.
When does the "marginal utility" of a product decrease?
a)
When the product becomes more expensive.
b)
When additional units are consumed.
c)
When the product is a necessity.
d)
When demand is inelastic.
14.
What does "total utility" refer to?
a)
The overall satisfaction from consuming a good.
b)
The usefulness of one unit of a good.
c)
The price of a good.
d)
The demand for essential goods.
15.
What is an example of diminishing marginal utility?
a)
Drinking water when thirsty feels satisfying but becomes less enjoyable with each glass
b)
Buying a smartphone and valuing it highly over time.
c)
Watching a movie and finding it more exciting as it progresses.
d)
Purchasing multiple products at the same time.
16.
Which of the following best shows how wants relate to activities?
a)
A. Buying a tent for a camping trip.
b)
B. Eating a meal because of hunger.
c)
C. Taking medicine when feeling sick.
d)
D. Saving money for future needs.
17.
How can work-related activities shape wants?
a)
They create a demand for work tools, professional attire, or transport services.
b)
They decrease overall consumer wants.
c)
They only lead to demands for basic survival needs.
d)
They have no connection to economic wants.
18.
Why do seasonal activities create specific wants?
a)
Wants remain constant regardless of the season.
b)
Seasonal activities require specialized goods like winter clothing
c)
Seasonal wants only apply to holidays.
d)
Seasonal activities reduce overall demand.
19.
How does traveling influence wants?
a)
A. It creates wants for items like tickets, luggage, and travel guides.
b)
B. It reduces wants since basic needs are already met.
c)
C. It has no effect on consumer wants.
d)
D. It only affects needs, not wants.
20.
Which of the following scenarios best demonstrates how hobbies influence wants?
a)
A. A person buys paints and brushes after taking up painting.
b)
B. A person drinks water after feeling thirsty.
c)
C. A person uses public transport to commute to work.
d)
D. A person cooks a meal for their family.
21.
What is individual demand?
a)
The total quantity demanded by all consumers in a market
b)
The quantity a single consumer is willing and able to buy at various prices
c)
The demand for luxury goods only
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