Needs & Wants
What is a need?
A basic thing people need to live, such as food, water, clothing or shelter.
Are human wants limited or unlimited?
Unlimited.
What is a resource?
Things used to produce goods and services and satisfy wants.
Which of the following is an example of scarcity?
A. Having everything you want
B. Having limited money but many things you want
C. Having no wants
D. Having unlimited resources
B. Having limited money but many things you want
What is opportunity cost?
The next best alternative given up when a choice is made.
Is a smartphone a need or a want?
a want
Why are human wants unlimited?
People continue to develop new wants after satisfying existing wants.
How many hours are there in one day?
24 hours
What is scarcity?
Scarcity is when resources are limited but wants are unlimited.
If you choose a notebook instead of candy, what is your opportunity cost?
The candy.
Name two basic needs.
food, water, clothing, shelter
A student gets a new phone. After a few months, the student wants an even newer phone.
What does this show about human wants?
A. Wants are limited
B. Wants are unlimited
C. Resources are unlimited
D. Scarcity does not exist
B. Wants are unlimited
A farmer has limited land for growing rice and vegetables. What resource is limited?
Land.
Why do people have to make choices?
A. Resources are unlimited
B. Wants are limited
C. Resources are limited but wants are unlimited
D. People do not have wants
C. Resources are limited but wants are unlimited
You have ¥100 and choose a game for ¥60 instead of a T-shirt for ¥40. What did you give up?
T-shirt
A student has normal shoes but wants expensive designer shoes. Which is the want?
The expensive designer shoes.
You bought iPhone 17 pro max last year, but now want iPhone 18 pro max. What does this show?
Human wants are unlimited.
A country has only a small amount of land, but people want to use the land for houses, farms, schools and shops.
What does this example show?
A. Land is unlimited
B. Land is a limited resource
C. Wants are limited
D. There is no scarcity
B. Land is a limited resource
You have ¥100. You want a game for ¥70 and a T-shirt for ¥50. You cannot buy both. What economic problem are you facing?
A. Unlimited resources
B. Scarcity
C. Production
D. Specialisation
B. Scarcity
You have 4 free hours and choose to study for 2 hours instead of watching a movie. What is your opportunity cost?
watching a movie
Explain one difference between a need and a want.
A need is something necessary to live; a want is something people would like but can live without.
Why are human wants called unlimited?
A. People can buy everything they want
B. Resources are unlimited
C. When people satisfy one want, they can develop new wants
D. People only have basic needs
C. When people satisfy one want, they can develop new wants
A student plans 2 hours of study, 4 hours of football, 1 hour of game, 5 hours of a movie, 4 hours of shopping, 5 hours with friends and 8 hours of sleep. Why can the student not do everything?
The student needs 29 hours, but a day only has 24 hours. Time is limited.
A school has ¥1,000 to spend. It wants to buy books for ¥600 and sports equipment for ¥700.
What must the school do? Why?
It must make a choice because its money is limited and it cannot afford both.
You have ¥50 and can buy either:
You choose the notebook. What is your opportunity cost?
A. The notebook
B. The ¥50
C. The football
D. Both the notebook and football
C. The football