Needs & Wants
Economics
Questions and Answers
- 1.
Things that are required in order to live are known as ....?
- A.
Wants
- B.
Needs
- C.
Goods
- D.
Services
Correct Answer
B. NeedsExplanation
Needs are the things that are required in order to live. They are the basic necessities of life such as food, water, shelter, and clothing. Wants, on the other hand, are things that are desired but not necessary for survival. Goods and services are the products and activities that satisfy both needs and wants. However, in the context of the question, the correct answer is needs as it specifically refers to the things required for living.Rate this question:
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- 2.
Things that add comfort or pleasure to your live are know as ....?
- A.
Wants
- B.
Needs
- C.
Goods
- D.
Services
Correct Answer
A. WantsExplanation
Wants refer to the things that add comfort or pleasure to your life. They are not essential for survival but are desired for a better quality of life. Needs, on the other hand, are essential for survival, such as food, water, and shelter. Goods and services are the two broad categories of products that satisfy both wants and needs.Rate this question:
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- 3.
In Maslow's Hierarchy of Needs, the need for _______ is placed even before basic physiological needs.
Correct Answer
Homeostasis, homeostasisExplanation
While Maslow's Hierarchy is often depicted as a pyramid with physiological needs at the base, the concept of homeostasis precedes even these. Homeostasis refers to the body's automatic tendency to maintain a stable internal environment, such as regulating temperature and blood sugar. This underlying biological balance is essential for survival and forms the foundation upon which all other needs are built. Even the drive to fulfill basic needs like hunger and thirst stems from the body's need to maintain homeostasis.Rate this question:
- 4.
Things that you can see and touch are known as ...?
- A.
Goods
- B.
Services
- C.
Wants
- D.
Needs
Correct Answer
A. GoodsExplanation
Goods are tangible items that can be seen and touched. They are physical objects that can be bought, sold, and used by individuals. Examples of goods include clothing, furniture, electronics, and food. Services, on the other hand, are intangible actions or tasks performed by individuals or businesses for others. Wants and needs are desires or requirements that individuals have, but they do not necessarily refer to tangible items that can be seen and touched.Rate this question:
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- 5.
_______ are activities that are consumed the same time they are produced
Correct Answer
ServicesExplanation
Services are activities that are consumed at the same time they are produced. Unlike goods, which can be stored and sold later, services are intangible and perishable. They are typically provided directly to the consumer and cannot be stored or resold. Examples of services include haircuts, medical consultations, and transportation.Rate this question:
- 6.
What is Economic Resources?
- A.
Means in which goods and services are produced.
- B.
None
- C.
Things that you need to survive
- D.
A & b
Correct Answer
A. Means in which goods and services are produced.Explanation
Economic resources refer to the means or factors of production that are used to produce goods and services. These resources can include land, labor, capital, and entrepreneurship. They are essential for the production process and are necessary for economic growth and development. By utilizing these resources efficiently, societies can produce the goods and services needed to meet the needs and wants of individuals and the overall economy.Rate this question:
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Current Version
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Oct 16, 2024Quiz Edited by
ProProfs Editorial Team -
Aug 28, 2009Quiz Created by
Hunt66804
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