Practice Wants: Characteristics And Classification (1.7)

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9 questions

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6 sample questions

Question 1.
What are the characteristics of wants?
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Remember the acronym UCRV!
Question 2.
Give an example of a necessary want.
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Think of what you need to survive.
3Question 3.
What is the nature of human wants?
- They are limited.
- They are unlimited.
- They remain the same.
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Imagine what happens after fulfilling a desire.
4Question 4.
True or False: All wants are equally important.
- True
- False
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Consider what you would choose first if resources were limited.
Question 5.
Evaluate how the distribution of resources affects the classification of wants in a developing country.
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Consider the basic needs vs. desires in different economies.
Question 6.
Propose an economic strategy for a company based on the understanding of the classification of wants.
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Think about target demographics and their corresponding wants.

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