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Business Data Management, Quiz 1

May 2026 term, 19 Jul 2026, Set 1

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Question 1

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What is the primary definition of 'needs' in economics?

Select one option

A.
Goods that enhance quality of life
B.
Essential requirements for survival and well-being such as food, clothing, and shelter
C.
Products people wish to buy but cannot afford
D.
Items available in unlimited supply

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What is the primary definition of 'needs' in economics? Which of the following best describes the term 'insatiable wants'? Economics is best described as: