Needs & Wants
Give 3 examples of a need
Food / Water / Shelter etc.
A factory worker is a ______ resource because they provide human effort.
Labour
The value of the next best alternative given up is known as a
Opportunity cost
CRS stands for
Corporate Social Responsibility.
A country has high wages and modern infrastructure, but people are stressed and overworked. What type of living standards are low?
Non-Material Living Standards
Ben has $50. Should he buy groceries or a video game if he has no food?
Groceries (Need)
A timber company cuts down trees to make furniture. What type of resource are the trees?
Natural resource
If you choose to buy a video game instead of saving money, your opportunity cost is ______.
The money you could have saved.
CSR is when a business takes responsibility for its impact on ______ and the ______.
Society / Environment.
Non-Material Living Standards are about ______, while Material Living Standards are about ______.
Quality of life / Money and goods.
A hospital and a cinema—Which is a need?
Hospital
A wind farm produces electricity. Is wind a renewable or non-renewable resource?
Renewable resource
Sarah has $10. She can buy lunch or a movie ticket. She buys lunch. What is her opportunity cost?
The movie ticket.
A company claims to be eco-friendly but still pollutes heavily. What is this an example of?
Greenwashing.
A country has low wages and limited healthcare, but its citizens report high happiness and strong community connections. This means its Non-Material Living Standards are..?
High.
Needs are essential for ______, while wants improve your ______.
Survival, Quality of life
Coal is a ______ resource because it takes ______ to form and cannot be replaced quickly.
Non-renewable / Millions of years
Tom can either study for his test or go to a party. He chooses to study. What is his opportunity cost?
Going to the party.
Why might a business invest in CSR even though it costs money?
It improves reputation and attracts customers.
A country’s Material Living Standards improve when wages rise, but this could harm Non-Material Living Standards if ______ increases.
Work stress.
Can a need ever become a want? Yes or no?
Yes, eg: basic food (need) vs. luxury food (want)
Define what a capital resource is
A man-made tool used to produce goods/services
Question: A country spends more money on healthcare instead of roads. The opportunity cost is ______.
Better roads.
A business using CSR should focus on helping the ______, protecting the ______, and acting ______.
Community / Environment / Ethically
A country invests in free mental health services but has a weak economy. This means ________ living standards are high and _________ material living standards are low
High -Non-Material,
low - Material.