Needs & Wants/Goods and services Flashcards
1
Q
What is a need?
A
A need is something required to survive (necessities)
2
Q
The four needs are:
A
Food, water, shelter, clothes
3
Q
What are wants?
A
Wants are things that make life enjoyable.
4
Q
Example of wants are:
A
iPhone/cars
5
Q
What is a good?
A
A good is a physical item that you can see and touch (tangible)
6
Q
Durable goods
A
These are items that can be used over and over again for example furniture.
7
Q
Non durable goods
A
These are single use items for example a match stick
8
Q
What is a service
A
A service is something provided for you
It is intangible
9
Q
Example of services.
A
Hairdresser
Taxi driver
