Needs and wants

Cards (10)

  • The things that people can't survive without are called needs.
  • Things that people would like to have, but don't have to have, are called wants.
  • Needs and wants affect communities in the way they
    work, where they work, what they buy or sell, and where they buy
  • The first two most important needs are physical needs and
    security needs. These are the basic or primary needs.
  • Secondary needs are needs on which our survival does not
    depend, and are considered to be wants.
  • We have limited resources, which means we don't have
    enough resources to give us everything we need.
  • The economic problem asks the question: how can an
    economy's limited resources satisfy people's unlimited
    needs and wants?
  • The most valuable resources of any economy are natural
    resources of labour and capital.
  • In economics, a country's natural resources of labour,
    capital, land and entrepreneurship are called the factors
    of production.
  • In economics, a country's natural resources of labour,
    capital, land and entrepreneurship are called the factors
    of production.