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5 cards from this section. Quick, good the night before a test.
Define 'want' in economics.
Think about what you wish to have.
Give one example of a need.
It's something we require to survive.
What is the definition of scarcity?
It relates to the choices we must make.
True or False: A need is something that is essential for survival.
Think about what you cannot live without.
You have a limited budget of $100. If you need to buy a laptop for school ($80) and also want a new gaming console ($150) but can't afford both, how would you apply the concepts of wants, needs, scarcity, and choice to make your decision?
Think about your immediate requirements versus what would be nice to have.
If utility represents satisfaction, how would you decide between two products that cost the same but provide different levels of satisfaction? Discuss your thought process.
Consider your previous experiences with both products to decide.
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