2- Needs & Wants
One important idea in economics is that of needs and wants Needs
Needs would be defined as goods or services that are required. This would include the needs for food, clothing, shelter and health care Wants
Wants are goods or services that are not necessary but that we desire or wish for. For example, one needs clothes, but one may not need designers’ clothes. One does not need toys, entertainment, games …etc. One needs food, but does not have to have a steak or dessert. One does not need glamorous trips, mall shopping …etc
Distribution
An important part of economics is the distribution of resources or goods so that people’s needs are met. This is especially true in times of scarcity when there are not enough resources, goods or services.
Advertisement!
Many times advertisers try to appeal to consumers in such way that the consumers feel they need certain goods or services when in fact they only want them
Quiz 1 (Shopping)
• Q1 The trouble is I haven't made a ........
(a) detail (b) note (c) sheet (d) list
• Q2 ....... you must know what we need?
(a) Certainly (b) Surely (c) Definitely (d) Absolutely
• Q3 Well, yes I do have a ....... good idea
(a) pretty (b) fine (c) beautiful (d) nice
• Q4 Do we need any dairy .......?
(a) producers (b) produced (c) products (d) producing
• Q5 Yes, we've almost run out ....... cheese, butter, milk.
(a) through (b) of (c) by (d) with
• Q6 Right, we'd ....... get on with it.
(a) better (b) sooner (c) quicker (d) faster
• Q7 Oh and we'll also need some washing ........
(a) dust (b) flakes (c) powder (d) grains
• Q8 I assume there's nothing ........ I said it would be quick. Oh dear.
(a) included (b) excluded (c) either (d) else
• Q9 What's the .......?
(a) thing (b) matter (c) material (d) stuff
• Q10 Just look at the size of those huge ....... at the checkouts.
(a) tails (b) lines (c) queues (d) rows
Quiz 2 (At the shops)
• Q1 We got there early so that we could get the best ....... in the sale before anyone else.
(a) objects (b) products (c) bargains (d) offerings
• Q2 If you ....... with me, I'll go and see whether we have that in your size.
(a) hold (b) stay (c) bear (d) wait
• Q3 The trouble with these huge superstores is that they don't have enough ....... to deal with customers at busy times.
(a) barriers (b) sales points (c) exits (d) checkouts
• Q4 It started off as a small street corner shop over 30 years ago but it has now ....... into a massive department store.
(a) expanded (b) extended (c) explored (d) enlarged
• Q5 Take a good look at the receipt when you leave so that you can see that all the ....... have been listed.
(a) proceeds (b) items (c) products (d) produce
• Q6 Whenever I go to the old part of a city, I like to ....... all the shops selling antiques.
(a) examine (b) search (c) check (d) explore
• Q7 Are you aware of the latest ....... in children's clothing?
(a) tendency (b) trend (c) custom (d) habit
• Q8 They're quite ....... in their policy of not giving refunds without a receipt in this store.
(a) severe (b) strong (c) strict (d) hard
• Q9 They have a ....... restriction in the shop with regard to the number of items of clothing that you can try on at one time.
(a) legal (b) reasonable (c) required (d) mandatory
• Q10 The extent of the ....... available in this one store is more than you can possibly imagine.
(a) merchandise (b) objects (c) produce (d) articles
Answers:A1 (d) list
A2 (b) Surely
A3 (a) pretty
A4 (c) products
A5 (b) of
A6 (a) better
A7 (c) powder
A8 (d) else
A9 (b) matter
A10 (c) queues
A1(c) bargains
A2 (c) bear
A3 (d) checkouts
A4 (a) expanded
A5 (b) items
A6 (d) explore
A7 (b) trend
A8 (c) strict
A9 (d) mandatory