Needs Wants Goods Services

Question 1

In what order must needs and wants be met?

Answer 1

1st priority - basic/ primary needs
2nd priority - secondary needs
3rd priority - tertiary wants

Question 2

What are basic needs?

Answer 2

Goods or services that we need in order to survive.

E.g. Food, water, clothes, shelter

Question 3

What are secondary needs?

Answer 3

Goods and services that will improve the quality of life.

E.g. Basic education, transport, communication,medical care, furniture.

Question 4

What are tertiary wants?

Answer 4

Goods and services that we can live without.

E.g. Entertainment, holidays etc