Needs, Wants, Goods, and Services

Question 1

What are some examples of needs?

Answer 1

Food and water, clothing, shelter, recreation, primary needs (education, healthcare)

Question 2

What are some good examples of wants?

Answer 2

Luxuries, eg: fast food, sweets, designer clothing, electronics, and toys.

Question 3

What are 3 characteristics of needs and wants?

Answer 3

1. Needs are never fully satisfied, eg: food and water are consumed and therefore we will always need more.
2. Needs and wants are multiple, eg: the need for one thing leads to the want of another.
3. Needs and wants differ from person to person, eg: various factors influence people depending on their personalities.

Question 4

What is production?

Answer 4

The making, creating, and producing of goods or products that satisfy people’s needs and wants.

Question 5

What is production process?

Answer 5

Steps used to create a product.

Question 6

What are inputs?

Answer 6

Raw materials needed to make a product.

Question 7

What are outputs?

Answer 7

The final products at the end of production process.

Question 8

What is economic growth?

Answer 8

An increase in the number of goods and services produced in one year compared to the production of the previous year.