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Economic Needs and Wants: Definition & Concept

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What's the best explanation of needs and wants?

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1. Which one of the following is never fulfilled?

2. What is the term that economists use to describe the theoretical consumer of needs and wants?

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About This Quiz & Worksheet

This quiz and worksheet can be used to assess your understanding of economic wants and needs. You will be quizzed on terms related to these concepts.

Quiz & Worksheet Goals

Use these assessment tools to review:

  • Needs and wants
  • The phrase that describes a theoretical consumer
  • The definition of consumer lock-in
  • Problems with over-consumption

Skills Practiced

Use this quiz and worksheet to help you practice the following skills:

  • Knowledge application - use your knowledge to answer questions about wants and needs
  • Information recall - access the knowledge you have gained regarding consumer lock-in
  • Defining key concepts - ensure that you can accurately identify the term that means something can't be fulfilled

Additional Learning

To review more information on economic wants and needs, check out the interactive lesson called Economic Needs and Wants: Definition & Concept. This lesson will help you:

  • Identify properties of economic needs
  • Review ethical considerations regarding wants and needs
  • Learn about the correlation between economic theory and unfulfillment
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