02.01 Is it a Want or a Need Quiz – Flashcards
Unlock all answers in this set
Unlock answersquestion
Column A: textbooks, tuition, on-campus food plan
Column B: gas money, parking pass, car repair
Column C: doctor's office co-pay, medicine prescription, insurance payment
Column D: movie tickets, television, online game subscription
Which column of expenses can be most easily eliminated if income decreases?
answer
Column D -
includes movie, television, and game entertainment. As entertainment, these expenses are wants rather than needs, and so are less important in a budget than other essential expenses. They may be scaled back or eliminated when income decreases.
question
Column A: water, shirt, safe housing
Coffee, designer blouse, beach house
Which of these is true of the items in Column B in relation to Column A?
answer
They are wants related to needs in Column A-
Water, safe housing, and shirt are essentially food, shelter, and clothing. Coffee, beach house, and designer blouse are food, clothing, and shelter, but luxury versions. As luxuries, they are not needs, but wants.
question
Column A: water, shirt, safe housing
Coffee, designer blouse, beach house
Which label belongs over Column A?
answer
Need-
Water, safe housing, and shirt are essentially food, clothing, and shelter. Column A includes the bare minimum for meeting these three categories. Thus, they are needs.
question
Which of these terms means "the level of satisfaction a need or want provides"?
answer
Utility-
Utility is the level of satisfaction a need or want provides.
question
Which of these terms means "limited resource"?
answer
Scarcity-
Scarcity is limited resources.
