Needs and Wants Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is a need in economics?

Something essential for survival and basic daily life, such as food, water, shelter and clothing.

What is a want in economics?

Something you would like to have but can live without. It adds comfort or fun.

How are needs and wants different?

Needs are essential for survival and basic living. Wants are not essential extras.

Give two examples of needs and two examples of wants.

Needs: clean water and shelter. Wants: a games console and designer trainers.

Are wants unlimited or limited?

Unlimited. People can always think of more things they would like.

Are needs unlimited or limited?

Limited. Basic needs do not change much once they are met.

Why do people often buy needs before wants?

Because needs protect health and safety. People meet them first before spending on extras.

Can the same item be a need for one person and a want for another?

Yes. A mobile phone may be a need for work or safety, but a want for gaming.

What are goods and services, and how do they help with needs and wants?

Goods are items and services are actions. Both are used to satisfy needs and wants.

How can you decide if something is a need or a want?

Ask: Do I need it to live or do basic tasks? If no, it is a want.