Economics Multiple Choice Question – 12 August 2017

Economics

Which ONE of the following best explains the difference between a ‘need’ and a ‘want’?

Select ONE answer:

  1. A good is said to be ‘needed’ if it is necessary for survival whereas a good that is ‘wanted’ is not essential but is desired.
  2. A good is said to be ‘needed’ if it is not essential but is desired whereas a good that is ‘wanted’ is necessary for survival.
  3. A good is said to be ‘needed’ if its consumption is based upon rational desires whilst a good that is ‘wanted’ has a consumption based upon irrational desires.
  4. A good is said to be ‘needed’ if it has to be provided by the Government whilst a good is said to be wanted’ if it is provided by the free market.
  5. A good is said to be ‘needed’ if it has to be provided by the free market whilst a good is said to be ‘wanted if it is provided by the Government.

Give 3 examples of a positive economic statement?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 1 – In economics, the idea of survival is real, meaning someone would die without their needs being met. This includes things like food, water, and shelter. A want, in economics, is one step up in the order from needs and is simply something that people desire to have, that they may, or may not, be able to obtain.

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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