N5S3 - Needs, Wants, Goods and Services

Question 1

What are Needs?

Answer 1

Needs are the basic requirements that are essential for survival such as food, water, clothing, shelter and warmth.

Question 2

What are Wants?

Answer 2

Wants are things we desire but don’t need to survive. These include luxuries such as mobile phones or holidays.

Question 3

What are Goods?

Answer 3

Goods are tangible products with physical attributes.

Question 4

What are Services?

Answer 4

Services are intangible things which you pay for and experience but cannot see or touch - they are done by someone else

Question 5

What does a business need to do in order to survive?

Answer 5

It needs to satisfy the needs and wants of the consumer. Businesses can satisfy needs and wants by providing goods and services to the consumer.

Question 6

Name the 4 types of Goods

Answer 6

• Durable
• Non-Durable
• Consumer
• Capital

Question 7

What is the meaning of Durable goods?

Answer 7

Goods which last a long time and can be re-used

Question 8

What is the meaning of Non-Durable goods?

Answer 8

Goods which do not last long, often single use

Question 9

What is the meaning of Consumer goods?

Answer 9

Goods consumed by private individuals